Man Group plc Invests $4.74 Million in RadNet, Inc. $RDNT

Man Group plc acquired a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 76,807 shares of the medical research company’s stock, valued at approximately $4,737,000. Man Group plc owned approximately 0.10% of RadNet as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in RadNet in the second quarter worth $675,768,000. JB Capital Partners LP purchased a new stake in RadNet during the second quarter worth about $87,821,842. RTW Investments LP raised its holdings in shares of RadNet by 39.9% in the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock worth $281,012,000 after purchasing an additional 1,122,956 shares during the period. Polar Capital Holdings Plc purchased a new position in shares of RadNet during the 3rd quarter valued at $63,423,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in RadNet by 30.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock valued at $192,581,000 after purchasing an additional 627,936 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Price Performance

Shares of RadNet stock opened at $74.61 on Monday. The stock’s 50-day simple moving average is $67.31 and its 200-day simple moving average is $62.24. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94. RadNet, Inc. has a 52 week low of $50.82 and a 52 week high of $85.84. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of -276.32 and a beta of 1.36.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $622.72 million during the quarter, compared to the consensus estimate of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.31 EPS. As a group, analysts expect that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Barclays boosted their target price on RadNet from $65.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday. Truist Financial increased their price objective on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Zacks Research raised RadNet from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.00.

Insider Buying and Selling

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the transaction, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the sale, the director directly owned 177,013 shares of the company’s stock, valued at $9,539,230.57. This trade represents a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is currently owned by company insiders.

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.