Comerica Bank Sells 27,864 Shares of RadNet, Inc. $RDNT

Key Points

• Comerica Bank cut its RadNet holding by 45.3% in Q4, selling 27,864 shares and retaining 33,632 shares valued at about $2.4 million.
• Insider Alma Gregory Sorensen sold 15,000 shares at an average of $62.15 (≈$932,250) on March 18, while corporate insiders own 5.6% and institutions hold roughly 77.9% of the stock.
• Analysts carry a consensus rating of Moderate Buy with an average price target of $88.14, and RadNet recently beat quarterly EPS estimates ($0.23 vs. $0.19) with revenue up 14.8% year-over-year.

Comerica Bank lessened its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 45.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,632 shares of the medical research company's stock after selling 27,864 shares during the quarter. Comerica Bank's holdings in RadNet were worth $2,400,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Smartleaf Asset Management LLC lifted its stake in shares of RadNet by 13.3% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,361 shares of the medical research company's stock valued at $102,000 after buying an additional 160 shares in the last quarter. Jones Financial Companies Lllp grew its stake in RadNet by 62.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company's stock valued at $34,000 after buying an additional 171 shares in the last quarter. Guidance Capital Inc. raised its holdings in RadNet by 2.0% during the 3rd quarter. Guidance Capital Inc. now owns 9,089 shares of the medical research company's stock valued at $758,000 after acquiring an additional 174 shares during the period. Xponance Inc. lifted its position in shares of RadNet by 3.7% during the third quarter. Xponance Inc. now owns 5,368 shares of the medical research company's stock worth $409,000 after acquiring an additional 193 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of RadNet by 4.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,286 shares of the medical research company's stock worth $479,000 after acquiring an additional 265 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

Insiders Place Their Bets

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of RadNet stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total transaction of $932,250.00. Following the completion of the sale, the insider directly owned 1,208,923 shares in the company, valued at $75,134,564.45. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RDNT. Barclays decreased their price objective on RadNet from $86.00 to $70.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 21st. KeyCorp raised RadNet to a "strong-buy" rating in a report on Friday, January 9th. UBS Group set a $92.00 price target on RadNet in a research report on Friday, January 9th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $91.00 price target on shares of RadNet in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $88.14.

RadNet Price Performance

RadNet stock opened at $59.05 on Wednesday. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of -236.18 and a beta of 1.43. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.79. The business has a 50-day simple moving average of $60.67 and a 200 day simple moving average of $70.08. RadNet, Inc. has a 52 week low of $50.76 and a 52 week high of $85.84.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.04. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The firm had revenue of $547.71 million for the quarter, compared to analysts' expectations of $515.67 million. During the same quarter last year, the firm posted $0.22 EPS. The company's revenue was up 14.8% compared to the same quarter last year. On average, research analysts forecast that RadNet, Inc. will post 0.62 earnings per share for the current fiscal year.

RadNet Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.

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