KBC Group NV Sells 641 Shares of RadNet, Inc. $RDNT

KBC Group NV lowered its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 23.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,101 shares of the medical research company’s stock after selling 641 shares during the quarter. KBC Group NV’s holdings in RadNet were worth $120,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Praxis Investment Management Inc. bought a new position in RadNet during the 2nd quarter valued at $225,000. Fulton Bank N.A. purchased a new stake in shares of RadNet in the second quarter valued at about $389,000. Wellington Shields & Co. LLC purchased a new stake in shares of RadNet in the first quarter valued at about $393,000. Emerald Advisers LLC lifted its position in shares of RadNet by 4.2% during the second quarter. Emerald Advisers LLC now owns 672,356 shares of the medical research company’s stock valued at $38,264,000 after purchasing an additional 27,134 shares in the last quarter. Finally, TD Asset Management Inc boosted its holdings in RadNet by 77.9% during the first quarter. TD Asset Management Inc now owns 52,996 shares of the medical research company’s stock worth $2,635,000 after purchasing an additional 23,212 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Trading Up 4.7%

NASDAQ:RDNT opened at $83.00 on Friday. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $85.42. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. The firm’s 50 day moving average is $77.29 and its 200 day moving average is $66.21. The stock has a market capitalization of $6.40 billion, a PE ratio of -414.98 and a beta of 1.58.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Sunday, November 9th. The medical research company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The firm had revenue of $522.87 million for the quarter, compared to the consensus estimate of $494.19 million. During the same period last year, the company posted $0.18 earnings per share. RadNet’s revenue for the quarter was up 13.4% on a year-over-year basis. Sell-side analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Transactions at RadNet

In other news, CAO Mital Patel sold 25,000 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $76.06, for a total transaction of $1,901,500.00. Following the completion of the transaction, the chief accounting officer owned 205,138 shares in the company, valued at approximately $15,602,796.28. This represents a 10.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Stolper sold 35,000 shares of RadNet stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $73.89, for a total transaction of $2,586,150.00. Following the completion of the transaction, the executive vice president owned 68,012 shares of the company’s stock, valued at $5,025,406.68. The trade was a 33.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 101,000 shares of company stock worth $7,643,364 over the last 90 days. 5.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have commented on RDNT. Truist Financial increased their price objective on shares of RadNet from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, November 12th. Zacks Research lowered RadNet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research report on Wednesday. Wall Street Zen raised RadNet from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Finally, Barclays upped their price objective on RadNet from $79.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $84.00.

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.