RadNet, Inc. (NASDAQ:RDNT) Holdings Cut by Emerald Advisers LLC

Emerald Advisers LLC trimmed its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 1.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 657,189 shares of the medical research company’s stock after selling 12,061 shares during the period. RadNet accounts for 1.8% of Emerald Advisers LLC’s holdings, making the stock its 8th biggest position. Emerald Advisers LLC’s holdings in RadNet were worth $45,898,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. USA Financial Formulas purchased a new position in RadNet during the fourth quarter valued at $30,000. Fifth Third Bancorp raised its position in shares of RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after buying an additional 305 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of RadNet by 377.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after buying an additional 1,063 shares during the last quarter. Twin Tree Management LP acquired a new stake in shares of RadNet in the fourth quarter valued at about $106,000. Finally, IFP Advisors Inc raised its position in shares of RadNet by 39.1% in the fourth quarter. IFP Advisors Inc now owns 1,697 shares of the medical research company’s stock valued at $119,000 after buying an additional 477 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Price Performance

Shares of RDNT opened at $49.25 on Friday. RadNet, Inc. has a 1-year low of $45.82 and a 1-year high of $93.65. The stock has a market cap of $3.65 billion, a PE ratio of -703.47 and a beta of 1.85. The firm has a 50-day simple moving average of $58.78 and a two-hundred day simple moving average of $67.49. 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, beating analysts’ consensus estimates of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The business had revenue of $477.10 million during the quarter, compared to analysts’ expectations of $459.42 million. As a group, analysts forecast that RadNet, Inc. will post 0.56 EPS for the current year.

Insider Buying and Selling at RadNet

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total value of $50,520.00. Following the completion of the transaction, the chief executive officer now 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. The trade was a 12.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,000 shares of company stock worth $1,926,730 over the last three months. Insiders own 5.12% of the company’s stock.

Analysts Set New Price Targets

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