Bank of America Corp DE Has $12.14 Million Holdings in RadNet, Inc. (NASDAQ:RDNT)

Bank of America Corp DE decreased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 32.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 173,821 shares of the medical research company's stock after selling 83,164 shares during the period. Bank of America Corp DE owned approximately 0.23% of RadNet worth $12,140,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp raised its position in RadNet by 84.3% during the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock valued at $47,000 after purchasing an additional 305 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of RadNet by 377.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after purchasing an additional 1,063 shares during the period. Tower Research Capital LLC TRC grew its holdings in RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after buying an additional 422 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of RadNet in the fourth quarter worth $105,000. Finally, Twin Tree Management LP bought a new position in shares of RadNet in the fourth quarter worth $106,000. Institutional investors and hedge funds own 77.90% of the company's stock.

Wall Street Analyst Weigh In

RDNT has been the subject of a number of recent research reports. Wall Street Zen downgraded RadNet from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Truist Financial decreased their price objective on shares of RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a report on Friday, April 11th. Barclays lowered their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a report on Monday, March 24th. Finally, Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and cut their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $69.75.

RadNet Stock Performance

RadNet stock traded down $0.63 during trading hours on Wednesday, hitting $56.05. 31,506 shares of the stock traded hands, compared to its average volume of 683,707. The stock has a market capitalization of $4.21 billion, a price-to-earnings ratio of -801.03 and a beta of 1.46. The firm's 50 day moving average price is $53.07 and its 200-day moving average price is $62.61. 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, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.21 by $0.01. The company had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. As a group, equities analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insider Activity at RadNet

In related news, COO Norman R. Hames sold 5,536 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $60.00, for a total transaction of $332,160.00. Following the sale, the chief operating officer now owns 249,183 shares of the company's stock, valued at $14,950,980. This trade represents a 2.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Cornelis Wesdorp sold 1,000 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was 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 in the company, valued at approximately $2,828,867.40. This trade represents a 1.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,447 shares of company stock valued at $2,433,550 over the last quarter. 5.12% of the stock is owned by insiders.

RadNet 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.