Formula Growth Ltd. Has $3.96 Million Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

Formula Growth Ltd. reduced its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 13.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,750 shares of the medical research company’s stock after selling 9,000 shares during the quarter. RadNet accounts for about 1.3% of Formula Growth Ltd.’s holdings, making the stock its 24th biggest position. Formula Growth Ltd. owned approximately 0.08% of RadNet worth $3,963,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Canada Pension Plan Investment Board bought a new stake in shares of RadNet in the 4th quarter worth $105,000. Marshall Wace LLP increased its stake in RadNet by 11.5% in the 4th quarter. Marshall Wace LLP now owns 1,222,690 shares of the medical research company’s stock valued at $85,393,000 after buying an additional 125,844 shares during the last quarter. Jump Financial LLC bought a new position in shares of RadNet during the 4th quarter worth approximately $231,000. Barclays PLC boosted its stake in shares of RadNet by 7.3% in the 4th quarter. Barclays PLC now owns 125,570 shares of the medical research company’s stock worth $8,770,000 after buying an additional 8,592 shares during the last quarter. Finally, Summit Investment Advisors Inc. grew its holdings in shares of RadNet by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company’s stock valued at $483,000 after acquiring an additional 219 shares in the last quarter. 77.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RDNT has been the topic of a number of research analyst reports. Jefferies Financial Group cut their price target on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and decreased their price target for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Barclays dropped their price objective on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, March 24th. Truist Financial lowered their target price on RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Finally, StockNews.com raised RadNet to a “sell” rating in a report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $69.75.

RadNet Price Performance

RadNet stock opened at $49.78 on Friday. The firm has a market capitalization of $3.69 billion, a P/E ratio of -711.04 and a beta of 1.59. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The business has a fifty day moving average price of $52.98 and a 200-day moving average price of $65.09.

RadNet (NASDAQ:RDNT) last posted its 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 positive return on equity of 4.29% and a negative net margin of 0.25%. The business had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. As a group, equities research analysts forecast that RadNet, Inc. will post 0.56 EPS for the current year.

Insiders Place Their Bets

In related news, COO Norman R. Hames sold 5,000 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total value of $251,100.00. Following the sale, the chief operating officer now owns 251,959 shares in the company, valued at approximately $12,653,380.98. This trade represents a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 value of $105,160.00. Following the sale, the chief executive officer now directly owns 58,995 shares of the company’s stock, valued at $3,101,957.10. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock worth $1,926,730 in the last three months. 5.12% of the stock is currently owned by corporate insiders.

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.