RadNet, Inc. $RDNT Shares Sold by Axiom Investors LLC DE

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 reduced its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 59.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,338 shares of the medical research company's stock after selling 167,129 shares during the period. Axiom Investors LLC DE owned about 0.15% of RadNet worth $5,585,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in RadNet during the 1st quarter worth $28,000. GAMMA Investing LLC grew 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 acquiring an additional 300 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in RadNet by 563.4% during the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock worth $85,000 after acquiring an additional 1,448 shares in the last quarter. US Bancorp DE grew its holdings in RadNet by 4,620.8% during the 1st quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock worth $181,000 after acquiring an additional 3,558 shares in the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new position in RadNet during the 4th quarter worth $269,000. 77.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Truist Financial raised their price objective on shares of RadNet from $74.00 to $81.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. B. Riley began coverage on shares of RadNet in a research report on Friday, June 13th. They issued a "buy" rating and a $69.00 price target on the stock. Raymond James Financial restated a "strong-buy" rating and issued a $75.00 price target (up from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $76.80.

RadNet Stock Performance

NASDAQ:RDNT traded up $0.28 during mid-day trading on Friday, hitting $74.01. The stock had a trading volume of 678,432 shares, compared to its average volume of 807,881. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of -370.03 and a beta of 1.54. The company has a 50 day simple moving average of $62.68 and a 200-day simple moving average of $56.89. RadNet, Inc. has a 52 week low of $45.00 and a 52 week 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 quarterly earnings data on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, beating 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%. RadNet's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $0.16 EPS. On average, research analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Cornelis Wesdorp sold 500 shares of RadNet stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $71.99, for a total value of $35,995.00. Following the sale, the chief executive officer directly owned 53,995 shares in the company, valued at $3,887,100.05. This trade represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ranjan Jayanathan sold 65,598 shares of RadNet stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the sale, the insider owned 138,198 shares in the company, valued at approximately $9,328,365. This represents a 32.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,598 shares of company stock valued at $6,081,100. 5.60% of the stock is owned by company 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.