Royce & Associates LP Cuts Position in RadNet, Inc. (NASDAQ:RDNT)

Royce & Associates LP reduced its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 5.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,989 shares of the medical research company’s stock after selling 6,050 shares during the quarter. Royce & Associates LP owned approximately 0.14% of RadNet worth $7,123,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp raised its stake in shares of RadNet by 1.3% during the 3rd quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock worth $169,740,000 after acquiring an additional 30,244 shares in the last quarter. Geode Capital Management LLC increased its position in shares of RadNet by 0.8% during the third quarter. Geode Capital Management LLC now owns 1,555,214 shares of the medical research company’s stock worth $107,936,000 after purchasing an additional 11,613 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of RadNet by 8.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock valued at $104,539,000 after purchasing an additional 118,501 shares during the last quarter. JB Capital Partners LP boosted its position in shares of 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 worth $104,367,000 after purchasing an additional 206,850 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in RadNet by 30.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock worth $103,532,000 after buying an additional 344,146 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

Insider Activity at RadNet

In related news, Director David L. Swartz sold 25,000 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the sale, the director now directly owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. This represents a 12.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Cornelis Wesdorp sold 2,000 shares of RadNet stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the completion of the transaction, the chief executive officer now directly owns 58,995 shares of the company’s stock, valued at $3,101,957.10. The trade was a 3.28 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,000 shares of company stock worth $1,426,680. 5.12% of the stock is owned by corporate insiders.

RadNet Stock Down 1.2 %

RDNT stock opened at $48.45 on Wednesday. The company has a market capitalization of $3.59 billion, a P/E ratio of -692.04 and a beta of 1.85. RadNet, Inc. has a 12 month low of $44.08 and a 12 month high of $93.65. The firm’s fifty day simple moving average is $60.05 and its 200-day simple moving average is $67.82. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16.

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

Wall Street Analyst Weigh In

RDNT has been the subject of several recent analyst reports. Barclays lowered their price target on RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a report on Wednesday, January 22nd. Truist Financial reissued a “buy” rating and set a $88.00 target price (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. StockNews.com upgraded shares of RadNet to a “sell” rating in a research note on Wednesday. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price objective for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group reduced their target price on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $76.75.

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.