Franklin Resources Inc. Has $31.73 Million Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Franklin Resources Inc. raised its holdings in RadNet, Inc. (NASDAQ:RDNT) by 17.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 454,339 shares of the medical research company’s stock after purchasing an additional 67,278 shares during the quarter. Franklin Resources Inc. owned 0.61% of RadNet worth $31,731,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. USA Financial Formulas bought a new stake in shares of RadNet during the 4th quarter worth $30,000. Fifth Third Bancorp lifted its holdings in shares of RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after acquiring an additional 305 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after purchasing an additional 1,063 shares in the last quarter. Twin Tree Management LP bought a new stake in shares of RadNet during the 4th quarter valued at approximately $106,000. Finally, IFP Advisors Inc increased its position in RadNet by 39.1% during the 4th quarter. IFP Advisors Inc now owns 1,697 shares of the medical research company’s stock worth $119,000 after purchasing an additional 477 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Transactions at RadNet

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the transaction, the chief executive officer now directly owns 55,995 shares of the company’s stock, valued at $2,828,867.40. The trade was a 1.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction that occurred 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 $8,849,566.28. This represents a 12.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,000 shares of company stock worth $1,926,730 over the last three months. 5.12% of the stock is owned by company insiders.

RadNet Trading Down 1.6 %

NASDAQ RDNT opened at $48.70 on Friday. The firm has a market capitalization of $3.61 billion, a PE ratio of -695.61 and a beta of 1.59. The business’s 50-day moving average price is $56.32 and its two-hundred day moving average price is $66.55. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a 12 month low of $45.82 and a 12 month high of $93.65.

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

RadNet 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.