Axiom Investors LLC DE Sells 167,129 Shares of RadNet, Inc. $RDNT

Key Points

• Axiom Investors LLC DE significantly reduced its stake in RadNet, Inc. by 59.8%, owning 112,338 shares after selling 167,129 shares in the first quarter, valuing their remaining holdings at approximately $5.6 million.
• Multiple institutional investors increased their holdings in RadNet, with Jones Financial Companies raising theirs by 563.4% and Fred Alger Management increasing theirs by 346.5% during the same period.
• RadNet has received strong endorsements from analysts, with Barclays and Raymond James raising their price targets to $79.00 and $75.00, respectively, while maintaining a consensus rating of "Buy."

Axiom Investors LLC DE lowered its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 59.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 112,338 shares of the medical research company's stock after selling 167,129 shares during the quarter. Axiom Investors LLC DE owned about 0.15% of RadNet worth $5,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Headlands Technologies LLC purchased a new position in shares of RadNet during the first quarter valued at about $28,000. GAMMA Investing LLC increased its position in shares of RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock valued at $82,000 after buying an additional 300 shares during the period. Jones Financial Companies Lllp increased its position in shares of RadNet by 563.4% during the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock valued at $85,000 after buying an additional 1,448 shares during the period. US Bancorp DE increased its position in shares of RadNet by 4,620.8% during the first quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock valued at $181,000 after buying an additional 3,558 shares during the period. Finally, Highland Capital Management LLC increased its position in shares of RadNet by 24.8% during the first quarter. Highland Capital Management LLC now owns 4,128 shares of the medical research company's stock valued at $205,000 after buying an additional 821 shares during the period. Hedge funds and other institutional investors own 77.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RDNT shares. Truist Financial boosted their price target on shares of RadNet from $74.00 to $81.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a report on Monday, August 11th. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $75.00 price objective (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $76.80.

Insider Activity

In other news, COO Norman R. Hames sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $72.74, for a total value of $727,400.00. Following the transaction, the chief operating officer owned 239,183 shares in the company, valued at approximately $17,398,171.42. This represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ranjan Jayanathan sold 65,598 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the transaction, the insider owned 138,198 shares in the company, valued at approximately $9,328,365. This represents a 32.19% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,598 shares of company stock worth $6,808,500. Corporate insiders own 5.60% of the company's stock.

RadNet Stock Up 0.4%

RDNT traded up $0.28 during midday trading on Friday, reaching $74.01. The company's stock had a trading volume of 678,484 shares, compared to its average volume of 621,668. The stock's 50-day moving average is $63.04 and its 200-day moving average is $56.99. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of -370.03 and a beta of 1.54. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91.

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