Essex Investment Management Co. LLC Takes Position in RadNet Inc. (NASDAQ:RDNT)

Essex Investment Management Co. LLC purchased a new stake in shares of RadNet Inc. (NASDAQ:RDNT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 94,154 shares of the medical research company’s stock, valued at approximately $1,352,000. Essex Investment Management Co. LLC owned 0.19% of RadNet at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in RDNT. Cortina Asset Management LLC increased its stake in shares of RadNet by 32.5% during the second quarter. Cortina Asset Management LLC now owns 1,167,254 shares of the medical research company’s stock valued at $16,096,000 after buying an additional 286,388 shares during the period. SG Americas Securities LLC grew its stake in RadNet by 159.2% in the second quarter. SG Americas Securities LLC now owns 24,289 shares of the medical research company’s stock valued at $335,000 after purchasing an additional 14,918 shares during the last quarter. Aperio Group LLC purchased a new position in RadNet in the second quarter valued at about $36,000. Wedge Capital Management L L P NC grew its stake in RadNet by 24.8% in the second quarter. Wedge Capital Management L L P NC now owns 37,033 shares of the medical research company’s stock valued at $511,000 after purchasing an additional 7,369 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. grew its stake in RadNet by 31.6% in the second quarter. Candriam Luxembourg S.C.A. now owns 106,292 shares of the medical research company’s stock valued at $1,459,000 after purchasing an additional 25,500 shares during the last quarter. Hedge funds and other institutional investors own 62.33% of the company’s stock.

RDNT traded down $0.28 on Thursday, hitting $15.06. The company had a trading volume of 113,315 shares, compared to its average volume of 175,596. The stock has a fifty day moving average price of $14.55 and a 200-day moving average price of $13.81. RadNet Inc. has a 12-month low of $9.97 and a 12-month high of $15.91. The company has a debt-to-equity ratio of 5.09, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $768.95 million, a price-to-earnings ratio of 22.82, a P/E/G ratio of 6.20 and a beta of 0.93.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Thursday, August 8th. The medical research company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.02). RadNet had a return on equity of 18.91% and a net margin of 3.33%. The business had revenue of $289.10 million for the quarter, compared to analysts’ expectations of $272.36 million. During the same quarter in the previous year, the firm posted $0.11 EPS. RadNet’s revenue was up 18.3% on a year-over-year basis. Analysts forecast that RadNet Inc. will post 0.33 EPS for the current fiscal year.

In related news, Director Michael L. Md Sherman sold 30,000 shares of RadNet stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $15.19, for a total transaction of $455,700.00. Following the completion of the sale, the director now owns 259,083 shares of the company’s stock, valued at $3,935,470.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John V. Crues sold 50,000 shares of RadNet stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $15.07, for a total value of $753,500.00. The disclosure for this sale can be found here. Insiders have sold 100,703 shares of company stock worth $1,522,850 in the last 90 days. Insiders own 6.10% of the company’s stock.

Several equities analysts have issued reports on the company. Zacks Investment Research upgraded RadNet from a “sell” rating to a “hold” rating in a research note on Tuesday, October 8th. BidaskClub upgraded RadNet from a “hold” rating to a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. RadNet presently has a consensus rating of “Buy” and a consensus price target of $17.75.

RadNet Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. 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.

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Institutional Ownership by Quarter for RadNet (NASDAQ:RDNT)

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