Robotti Robert Reduces Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Robotti Robert trimmed its position in RadNet, Inc. (NASDAQ:RDNT) by 30.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 193,738 shares of the medical research company’s stock after selling 85,965 shares during the period. RadNet comprises about 2.4% of Robotti Robert’s investment portfolio, making the stock its 11th largest position. Robotti Robert owned about 0.26% of RadNet worth $13,513,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RDNT. Franklin Resources Inc. grew its position in shares of RadNet by 12.0% in the third quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company’s stock valued at $27,334,000 after purchasing an additional 41,381 shares during the period. KBC Group NV grew its holdings in RadNet by 47.6% in the 4th quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock valued at $187,000 after buying an additional 864 shares during the period. Pathstone Holdings LLC grew its holdings in RadNet by 58.5% in the 3rd quarter. Pathstone Holdings LLC now owns 27,503 shares of the medical research company’s stock valued at $1,908,000 after buying an additional 10,151 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of 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 valued at $103,532,000 after acquiring an additional 344,146 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of RadNet by 1.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company’s stock worth $9,229,000 after acquiring an additional 1,838 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 1,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 55,995 shares of the company’s stock, valued at approximately $2,828,867.40. This trade represents a 1.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Norman R. Hames sold 5,000 shares of the business’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total transaction of $251,100.00. Following the completion of the transaction, the chief operating officer now owns 251,959 shares in the company, valued at $12,653,380.98. This represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,000 shares of company stock valued at $1,926,730. Corporate insiders own 5.12% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on RDNT. Jefferies Financial Group lowered their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Truist Financial reissued a “buy” rating and set a $88.00 price objective (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. StockNews.com raised RadNet to a “sell” rating in a research report on Wednesday, March 19th. Barclays reduced their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and dropped their price target for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. One investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $73.25.

RadNet Stock Performance

NASDAQ:RDNT opened at $50.72 on Thursday. The firm’s fifty day simple moving average is $57.96 and its 200 day simple moving average is $67.25. 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 twelve month low of $45.82 and a twelve month high of $93.65. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of -724.47 and a beta of 1.85.

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

About RadNet

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.