Clearbridge Investments LLC Sells 71,087 Shares of RadNet, Inc. $RDNT

Clearbridge Investments LLC reduced its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 6.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,114,973 shares of the medical research company’s stock after selling 71,087 shares during the quarter. Clearbridge Investments LLC’s holdings in RadNet were worth $79,553,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. bought a new stake in shares of RadNet during the fourth quarter worth about $25,000. Allworth Financial LP boosted its holdings in RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 305 shares during the last quarter. Danske Bank A S bought a new stake in RadNet in the third quarter valued at approximately $30,000. Jones Financial Companies Lllp boosted its holdings in RadNet by 62.2% in the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after acquiring an additional 171 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in RadNet in the fourth quarter valued at approximately $36,000. 77.90% of the stock is currently owned by institutional investors.

Insider Transactions at RadNet

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total value of $932,250.00. Following the transaction, the insider directly owned 1,208,923 shares of the company’s stock, valued at approximately $75,134,564.45. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.60% of the company’s stock.

RadNet Price Performance

Shares of RDNT opened at $54.16 on Tuesday. RadNet, Inc. has a 52-week low of $50.76 and a 52-week high of $85.84. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17. The business’s 50 day moving average price is $55.72 and its two-hundred day moving average price is $66.05. The firm has a market cap of $4.26 billion, a PE ratio of -300.87 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business had revenue of $575.63 million during the quarter, compared to analyst estimates of $557.93 million. During the same period last year, the firm posted ($0.50) earnings per share. RadNet’s quarterly revenue was up 22.1% compared to the same quarter last year. On average, equities analysts anticipate that RadNet, Inc. will post 0.54 EPS for the current year.

Analyst Ratings Changes

Several analysts recently commented on the company. Jefferies Financial Group reiterated a “buy” rating and issued a $91.00 target price on shares of RadNet in a report on Tuesday, March 3rd. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Finally, Barclays reduced their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, RadNet has an average rating of “Moderate Buy” and a consensus price target of $87.43.

About RadNet

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.