RadNet, Inc. $RDNT Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in RadNet, Inc. by 41.5% in the first quarter, now holding 41,856 shares worth $2,060,000 after selling 29,653 shares.
• Multiple institutional investors have increased their positions in RadNet, with 77.90% of the company's stock owned by such investors overall.
• RadNet reported a quarterly EPS of $0.31, exceeding expectations of $0.17 and showing an 8.4% increase in revenue year-over-year.

Hsbc Holdings PLC lowered its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 41.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,856 shares of the medical research company's stock after selling 29,653 shares during the period. Hsbc Holdings PLC owned 0.06% of RadNet worth $2,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of RDNT. Headlands Technologies LLC bought a new stake in shares of RadNet during the first quarter valued at approximately $28,000. GAMMA Investing LLC raised 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 last quarter. Tower Research Capital LLC TRC increased its position in RadNet by 42.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after purchasing an additional 422 shares during the last quarter. US Bancorp DE increased its position in RadNet by 4,620.8% in the first quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock worth $181,000 after purchasing an additional 3,558 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in RadNet in the fourth quarter worth $187,000. Institutional investors own 77.90% of the company's stock.

RadNet Stock Performance

NASDAQ:RDNT traded down $0.03 during midday trading on Friday, hitting $71.76. The company's stock had a trading volume of 627,715 shares, compared to its average volume of 1,046,294. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The firm's 50 day moving average is $59.87 and its 200-day moving average is $56.22. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. The firm has a market cap of $5.52 billion, a P/E ratio of -358.78 and a beta of 1.43.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $75.00 price objective (up from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Finally, Truist Financial set a $74.00 target price on shares of RadNet in a report on Thursday, July 10th. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $71.60.

Insider Activity

In other news, EVP David Jeffrey Katz sold 17,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the sale, the executive vice president owned 86,774 shares of the company's stock, valued at $5,927,531.94. This trade represents a 16.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $71.10, for a total transaction of $355,500.00. Following the completion of the sale, the chief operating officer directly owned 19,889 shares in the company, valued at $1,414,107.90. This represents a 20.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 89,098 shares of company stock worth $6,045,105 over the last 90 days. Company insiders own 5.60% of the company's stock.

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.