Victory Capital Management Inc. Trims Position in RadNet, Inc. $RDNT

Victory Capital Management Inc. lessened its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 46.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 146,819 shares of the medical research company’s stock after selling 126,631 shares during the period. Victory Capital Management Inc.’s holdings in RadNet were worth $11,189,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in RadNet by 13.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,361 shares of the medical research company’s stock worth $102,000 after acquiring an additional 160 shares during the period. Jones Financial Companies Lllp lifted its position in shares of RadNet by 62.2% during the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock worth $34,000 after purchasing an additional 171 shares in the last quarter. Guidance Capital Inc. grew its holdings in RadNet by 2.0% during the 3rd quarter. Guidance Capital Inc. now owns 9,089 shares of the medical research company’s stock valued at $758,000 after purchasing an additional 174 shares in the last quarter. Xponance Inc. increased its stake in RadNet by 3.7% during the 3rd quarter. Xponance Inc. now owns 5,368 shares of the medical research company’s stock worth $409,000 after buying an additional 193 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in RadNet by 4.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,286 shares of the medical research company’s stock valued at $479,000 after buying an additional 265 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on RDNT. Barclays increased their price objective on shares of RadNet from $79.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. The Goldman Sachs Group raised RadNet to a “buy” rating in a report on Tuesday, December 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a report on Monday, December 29th. UBS Group set a $92.00 price objective on RadNet in a research note on Friday, January 9th. Finally, Truist Financial set a $90.00 price objective on shares of RadNet in a report on Wednesday, December 17th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, RadNet currently has a consensus rating of “Moderate Buy” and an average target price of $90.43.

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $61.20 on Thursday. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of -244.80 and a beta of 1.49. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $85.84. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. The business has a fifty day simple moving average of $70.63 and a 200 day simple moving average of $74.22.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. The company had revenue of $547.71 million during the quarter, compared to the consensus estimate of $515.67 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same period last year, the business earned $0.22 EPS. As a group, sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

RadNet Company 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.