First Eagle Investment Management LLC Sells 16,500 Shares of RadNet, Inc. (NASDAQ:RDNT)

First Eagle Investment Management LLC trimmed its position in RadNet, Inc. (NASDAQ:RDNT) by 16.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 85,043 shares of the medical research company’s stock after selling 16,500 shares during the quarter. First Eagle Investment Management LLC owned approximately 0.11% of RadNet worth $5,939,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RDNT. Raymond James Financial Inc. bought a new stake in shares of RadNet in the 4th quarter valued at about $33,090,000. Portolan Capital Management LLC raised its holdings in shares of RadNet by 384.8% in 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 purchasing an additional 390,011 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of 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 valued at $103,532,000 after purchasing an additional 344,146 shares during the period. Cerity Partners LLC grew its stake in RadNet by 131.4% in the 3rd quarter. Cerity Partners LLC now owns 387,536 shares of the medical research company’s stock valued at $26,891,000 after buying an additional 220,068 shares during the last quarter. Finally, JB Capital Partners LP grew its stake in RadNet by 15.9% in the 3rd quarter. JB Capital Partners LP now owns 1,504,061 shares of the medical research company’s stock valued at $104,367,000 after buying an additional 206,850 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Jefferies Financial Group decreased their price target on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Truist Financial reiterated a “buy” rating and issued a $88.00 price target (down previously from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and decreased their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. Finally, Barclays decreased their target price on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $76.75.

RadNet Stock Performance

NASDAQ RDNT opened at $46.54 on Friday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of -664.76 and a beta of 1.85. The firm’s 50 day simple moving average is $61.00 and its 200 day simple moving average is $68.04. RadNet, Inc. has a 1 year low of $42.45 and a 1 year high of $93.65.

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

Insider Buying and Selling

In related news, Director David L. Swartz sold 25,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the completion of the transaction, the director now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total transaction of $50,520.00. Following the completion of the transaction, the chief executive officer now directly owns 55,995 shares of the company’s stock, valued at approximately $2,828,867.40. The trade was a 1.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,000 shares of company stock worth $1,426,680. Corporate insiders own 5.12% of the company’s stock.

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.