RadNet, Inc. (NASDAQ:RDNT) Shares Sold by AGF Management Ltd.

Key Points

• AGF Management Ltd. reduced its holdings in RadNet, Inc. by 42.9%, owning 135,861 shares worth approximately $6.76 million after selling 102,174 shares in the first quarter.
• Insider sales included COO Norman R. Hames and EVP Alma Gregory Sorensen, with total insider sales over the last three months amounting to $3.61 million.
• Despite recent sell-offs, RadNet received mixed analyst ratings, including an upgrade to "overweight" from Morgan Stanley and price targets up to $74.00 from Truist Financial.

AGF Management Ltd. lessened its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 42.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 135,861 shares of the medical research company's stock after selling 102,174 shares during the period. AGF Management Ltd. owned about 0.18% of RadNet worth $6,755,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Rhumbline Advisers lifted its holdings in RadNet by 1.1% during the 1st quarter. Rhumbline Advisers now owns 175,776 shares of the medical research company's stock worth $8,740,000 after buying an additional 1,895 shares during the last quarter. GAMMA Investing LLC lifted its holdings in RadNet by 22.3% during the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after buying an additional 300 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in RadNet by 28.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,945 shares of the medical research company's stock worth $345,000 after buying an additional 1,545 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in RadNet by 50.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 137,870 shares of the medical research company's stock worth $6,855,000 after buying an additional 46,169 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in RadNet by 239.5% during the 1st quarter. SG Americas Securities LLC now owns 13,337 shares of the medical research company's stock worth $663,000 after buying an additional 9,409 shares during the last quarter. Institutional investors own 77.90% of the company's stock.

Insider Buying and Selling

In related news, EVP Alma Gregory Sorensen sold 55,000 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $56.48, for a total value of $3,106,400.00. Following the sale, the executive vice president directly owned 1,160,509 shares in the company, valued at $65,545,548.32. This trade represents a 4.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.60% of the stock is currently owned by corporate insiders.

RadNet Stock Performance

RDNT traded up $0.34 during trading hours on Thursday, hitting $68.75. The company's stock had a trading volume of 1,052,383 shares, compared to its average volume of 994,313. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The company has a current ratio of 2.00, a quick ratio of 2.01 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $5.29 billion, a PE ratio of -343.73 and a beta of 1.43. The company has a 50-day simple moving average of $57.20 and a 200 day simple moving average of $55.95.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Sunday, August 10th. The medical research company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.17 by $0.14. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%. The firm had revenue of $498.23 million for the quarter, compared to analysts' expectations of $488.06 million. During the same period last year, the firm earned $0.16 EPS. The firm's revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have commented on RDNT. B. Riley began coverage on RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 target price on the stock. Morgan Stanley raised RadNet to an "overweight" rating in a report on Monday. Truist Financial set a $74.00 price target on RadNet in a report on Thursday, July 10th. Raymond James Financial reissued a "strong-buy" rating and issued a $75.00 price target (up previously from $66.00) on shares of RadNet in a report on Wednesday. Finally, Wall Street Zen downgraded RadNet from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $71.60.

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.