First Trust Advisors LP Lowers Stake in RadNet, Inc. $RDNT

Key Points

• First Trust Advisors LP cut its RadNet stake by 30.1% in the first quarter, selling 28,088 shares and retaining 65,271 shares worth approximately $3.65 million. Institutional investors collectively own 77.9% of RadNet.
• Analyst sentiment remains mixed but leans positive: RadNet has a consensus “Moderate Buy” rating and an $87.43 target price, despite downgrades from Weiss Ratings and Zacks Research.
• RadNet reported quarterly revenue of $575.6 million, up 22.1% year over year and above expectations, but its adjusted loss of $0.28 per share missed consensus estimates by $0.14.

First Trust Advisors LP lessened its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 30.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,271 shares of the medical research company's stock after selling 28,088 shares during the period. First Trust Advisors LP owned about 0.08% of RadNet worth $3,648,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. RTW Investments LP raised its holdings in RadNet by 39.9% in the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock valued at $281,012,000 after acquiring an additional 1,122,956 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of RadNet by 30.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company's stock worth $192,581,000 after purchasing an additional 627,936 shares during the last quarter. State Street Corp boosted its holdings in shares of RadNet by 1.6% during the fourth quarter. State Street Corp now owns 2,579,073 shares of the medical research company's stock worth $184,017,000 after purchasing an additional 41,356 shares during the last quarter. Geode Capital Management LLC grew its position in shares of RadNet by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company's stock valued at $119,283,000 after purchasing an additional 6,655 shares during the period. Finally, Invesco Ltd. grew its position in shares of RadNet by 26.4% in the fourth quarter. Invesco Ltd. now owns 1,596,780 shares of the medical research company's stock valued at $113,930,000 after purchasing an additional 333,911 shares during the period. Hedge funds and other institutional investors own 77.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RDNT. Weiss Ratings downgraded RadNet from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, May 12th. Jefferies Financial Group restated a "buy" rating on shares of RadNet in a report on Friday, July 31st. Barclays dropped their price objective on shares of RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, May 20th. Finally, Zacks Research lowered shares of RadNet from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, RadNet has a consensus rating of "Moderate Buy" and a consensus target price of $87.43.

RadNet Price Performance

RDNT opened at $67.06 on Thursday. RadNet, Inc. has a 52-week low of $50.76 and a 52-week high of $85.84. The company has a 50 day moving average of $60.36 and a two-hundred day moving average of $61.67. The company has a market cap of $5.27 billion, a P/E ratio of -372.53 and a beta of 1.36. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business had revenue of $575.63 million during the quarter, compared to analysts' expectations of $557.93 million. During the same period in the prior year, the business posted ($0.50) EPS. The business's revenue was up 22.1% on a year-over-year basis. On average, analysts expect that RadNet, Inc. will post 0.54 earnings per share for the current year.

Insider Activity

In other RadNet news, Director David L. Swartz sold 2,699 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the transaction, the director directly owned 177,013 shares of the company's stock, valued at $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the transaction, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.14% of the company's stock.

RadNet Company 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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