Whittier Trust Co. of Nevada Inc. Increases Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

Whittier Trust Co. of Nevada Inc. raised its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 4.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 100,641 shares of the medical research company’s stock after purchasing an additional 4,587 shares during the quarter. Whittier Trust Co. of Nevada Inc. owned approximately 0.14% of RadNet worth $6,982,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RDNT. Goldman Sachs Group Inc. lifted its stake in shares of RadNet by 3.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 771,662 shares of the medical research company’s stock valued at $26,831,000 after purchasing an additional 27,311 shares during the period. Wellington Management Group LLP lifted its position in RadNet by 16.9% during the fourth quarter. Wellington Management Group LLP now owns 727,172 shares of the medical research company’s stock valued at $25,284,000 after buying an additional 105,164 shares during the period. Vanguard Group Inc. boosted its holdings in shares of RadNet by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 4,254,717 shares of the medical research company’s stock valued at $147,937,000 after buying an additional 32,483 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of RadNet in the 1st quarter worth about $218,000. Finally, O ROURKE & COMPANY Inc purchased a new stake in shares of RadNet in the 1st quarter worth about $245,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Stock Performance

Shares of NASDAQ:RDNT traded down $0.94 during midday trading on Monday, hitting $67.22. The company had a trading volume of 189,261 shares, compared to its average volume of 551,114. RadNet, Inc. has a 12-month low of $25.11 and a 12-month high of $72.18. The company has a fifty day moving average of $66.20 and a two-hundred day moving average of $59.93. The company has a market cap of $4.97 billion, a price-to-earnings ratio of 227.20 and a beta of 1.74. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.12 and a quick ratio of 2.12.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Wednesday, August 7th. The medical research company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). RadNet had a net margin of 0.58% and a return on equity of 4.30%. The company had revenue of $459.70 million for the quarter, compared to the consensus estimate of $438.53 million. During the same quarter last year, the firm posted $0.24 earnings per share. The company’s revenue was up 13.9% compared to the same quarter last year. On average, equities research analysts expect that RadNet, Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Barclays raised shares of RadNet from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $57.00 to $79.00 in a research note on Friday, September 6th. Sidoti upgraded shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Jefferies Financial Group raised their price objective on shares of RadNet from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Truist Financial increased their price target on shares of RadNet from $70.00 to $80.00 and gave the company a “buy” rating in a report on Monday, September 23rd. One analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, RadNet currently has a consensus rating of “Moderate Buy” and an average price target of $74.75.

Insider Activity

In other RadNet news, EVP Michael N. Murdock sold 15,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $62.78, for a total transaction of $941,700.00. Following the completion of the transaction, the executive vice president now owns 48,144 shares of the company’s stock, valued at $3,022,480.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.12% of the company’s stock.

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.