Lazard Asset Management LLC Reduces Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Lazard Asset Management LLC lowered its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 94.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 442 shares of the medical research company's stock after selling 8,086 shares during the quarter. Lazard Asset Management LLC's holdings in RadNet were worth $30,000 as of its most recent filing with the SEC.

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

Insider Activity

In related news, CEO Cornelis Wesdorp sold 2,000 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total transaction of $105,160.00. Following the sale, the chief executive officer now owns 58,995 shares of the company's stock, valued at $3,101,957.10. This trade represents a 3.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David L. Swartz sold 25,000 shares of RadNet stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the transaction, the director now directly owns 174,067 shares in the company, valued at $8,849,566.28. The trade was a 12.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,447 shares of company stock worth $2,433,550. Insiders own 5.12% of the company's stock.

Wall Street Analyst Weigh In

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

RadNet Trading Down 2.5%

NASDAQ:RDNT traded down $1.39 on Wednesday, hitting $55.29. 525,668 shares of the stock were exchanged, compared to its average volume of 686,610. The company's 50-day moving average price is $53.19 and its 200 day moving average price is $62.56. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of -789.74 and a beta of 1.46. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (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 the consensus estimate of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. On average, equities research analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

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.