Summit Financial LLC Buys 262 Shares of RadNet, Inc. (NASDAQ:RDNT)

Summit Financial LLC increased its stake in RadNet, Inc. (NASDAQ:RDNT) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,111 shares of the medical research company’s stock after acquiring an additional 262 shares during the period. Summit Financial LLC’s holdings in RadNet were worth $776,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RDNT. Norges Bank bought a new stake in RadNet in the fourth quarter valued at approximately $56,381,000. Raymond James Financial Inc. bought a new stake in RadNet during the 4th quarter valued at $33,090,000. Portolan Capital Management LLC boosted its position in RadNet by 384.8% during the 3rd quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company’s stock valued at $34,095,000 after buying an additional 390,011 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in RadNet by 30.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock worth $103,532,000 after acquiring an additional 344,146 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of RadNet by 28.3% in the fourth quarter. Clearbridge Investments LLC now owns 942,082 shares of the medical research company’s stock valued at $65,795,000 after acquiring an additional 207,582 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on RDNT shares. Truist Financial reissued a “buy” rating and issued a $88.00 target price (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and reduced their target price for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. StockNews.com raised RadNet to a “sell” rating in a research note on Wednesday, March 19th. Jefferies Financial Group reduced their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Finally, Barclays dropped their target price on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $73.25.

Insider Buying and Selling at RadNet

In other RadNet news, Director David L. Swartz sold 25,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the sale, the director now directly owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. The trade was a 12.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Norman R. Hames sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $49.79, for a total value of $248,950.00. Following the completion of the sale, the chief operating officer now directly owns 261,959 shares in the company, valued at approximately $13,042,938.61. This represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,000 shares of company stock valued at $1,926,730. Corporate insiders own 5.12% of the company’s stock.

RadNet Price Performance

Shares of RDNT stock opened at $52.51 on Thursday. The business’s fifty day moving average is $56.93 and its 200 day moving average is $66.79. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of -750.04 and a beta of 1.85. RadNet, Inc. has a twelve month low of $45.82 and a twelve month high of $93.65.

RadNet (NASDAQ:RDNT) last released its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The firm had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. Research analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

About RadNet

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.