SEB Asset Management AB Purchases New Position in RadNet, Inc. $RDNT

SEB Asset Management AB purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 76,697 shares of the medical research company’s stock, valued at approximately $4,287,000.

Other large investors have also added to or reduced their stakes in the company. RTW Investments LP boosted its position in shares of RadNet by 39.9% during the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock valued at $281,012,000 after acquiring an additional 1,122,956 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in RadNet by 30.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock worth $192,581,000 after purchasing an additional 627,936 shares during the last quarter. State Street Corp raised its stake in RadNet by 1.6% during the fourth quarter. State Street Corp now owns 2,579,073 shares of the medical research company’s stock valued at $184,017,000 after purchasing an additional 41,356 shares in the last quarter. Geode Capital Management LLC raised its stake in RadNet by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company’s stock valued at $119,283,000 after purchasing an additional 6,655 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of RadNet by 26.4% during the 4th quarter. Invesco Ltd. now owns 1,596,780 shares of the medical research company’s stock valued at $113,930,000 after buying an additional 333,911 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

Insider Transactions at RadNet

In related news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the sale, the director owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.60% of the company’s stock.

RadNet Price Performance

RDNT opened at $59.22 on Thursday. The business has a fifty day moving average of $58.33 and a 200 day moving average of $62.47. RadNet, Inc. has a 52-week low of $50.76 and a 52-week high of $85.84. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The stock has a market cap of $4.66 billion, a P/E ratio of -328.98 and a beta of 1.37.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The business had revenue of $575.63 million during the quarter, compared to analysts’ expectations of $557.93 million. During the same quarter in the previous year, the business earned ($0.50) EPS. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. As a group, sell-side analysts anticipate that RadNet, Inc. will post 0.54 EPS for the current year.

Analyst Ratings Changes

RDNT has been the subject of several recent research reports. Weiss Ratings lowered RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Barclays lowered their price objective on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, May 20th. Finally, Zacks Research cut RadNet from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $87.43.

RadNet Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.