Principal Financial Group Inc. Grows Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Principal Financial Group Inc. increased its holdings in RadNet, Inc. (NASDAQ:RDNT) by 8.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,506,545 shares of the medical research company’s stock after acquiring an additional 118,501 shares during the period. Principal Financial Group Inc. owned approximately 2.04% of RadNet worth $104,539,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in shares of RadNet by 774.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 848 shares of the medical research company’s stock worth $50,000 after purchasing an additional 751 shares during the period. GAMMA Investing LLC boosted its stake in RadNet by 74.7% during the second quarter. GAMMA Investing LLC now owns 865 shares of the medical research company’s stock worth $51,000 after buying an additional 370 shares during the period. Highline Wealth Partners LLC purchased a new position in RadNet during the third quarter worth about $68,000. SG Americas Securities LLC increased its position in shares of RadNet by 8.7% during the first quarter. SG Americas Securities LLC now owns 3,637 shares of the medical research company’s stock valued at $177,000 after acquiring an additional 291 shares during the last quarter. Finally, MQS Management LLC purchased a new stake in shares of RadNet in the 1st quarter valued at approximately $207,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michael N. Murdock sold 15,000 shares of RadNet stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $62.78, for a total value of $941,700.00. Following the completion of the transaction, the executive vice president now owns 48,144 shares in the company, valued at $3,022,480.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.12% of the company’s stock.

RadNet Stock Up 1.6 %

RadNet stock opened at $72.53 on Friday. The firm has a market capitalization of $5.36 billion, a P/E ratio of 518.07 and a beta of 1.75. The stock’s fifty day simple moving average is $67.36 and its 200-day simple moving average is $61.81. RadNet, Inc. has a twelve month low of $28.27 and a twelve month high of $72.69. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.92.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $438.53 million. During the same period in the prior year, the business earned $0.24 EPS. RadNet’s revenue for the quarter was up 13.9% on a year-over-year basis. As a group, equities analysts expect that RadNet, Inc. will post 0.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

RadNet Company Profile

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.