Millennium Management LLC Sells 528,583 Shares of RadNet, Inc. (NASDAQ:RDNT)

Millennium Management LLC reduced its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 77.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 151,833 shares of the medical research company's stock after selling 528,583 shares during the period. Millennium Management LLC owned 0.21% of RadNet worth $10,604,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Barclays PLC boosted its position in shares of RadNet by 373.8% during the third quarter. Barclays PLC now owns 116,978 shares of the medical research company's stock valued at $8,118,000 after buying an additional 92,291 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of RadNet by 20.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,291 shares of the medical research company's stock valued at $300,000 after buying an additional 716 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of 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 buying an additional 305 shares during the last quarter. KBC Group NV boosted its position in shares of RadNet by 47.6% during the fourth quarter. KBC Group NV now owns 2,678 shares of the medical research company's stock valued at $187,000 after buying an additional 864 shares during the last quarter. Finally, Highland Capital Management LLC boosted its position in shares of RadNet by 6.5% during the fourth quarter. Highland Capital Management LLC now owns 3,307 shares of the medical research company's stock valued at $231,000 after buying an additional 202 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Wall Street Zen lowered RadNet from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Truist Financial reduced their price target on RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Barclays reduced their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Finally, Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and reduced their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $69.75.

Insider Activity

In related news, COO Norman R. Hames sold 2,911 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $60.00, for a total transaction of $174,660.00. Following the completion of the sale, the chief operating officer now directly owns 24,889 shares in the company, valued at $1,493,340. This represents a 10.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David L. Swartz sold 25,000 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the sale, the director now owns 174,067 shares of the company's stock, valued at $8,849,566.28. This represents a 12.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,447 shares of company stock valued at $2,433,550. Insiders own 5.12% of the company's stock.

RadNet Price Performance

Shares of RDNT traded up $0.07 during midday trading on Tuesday, reaching $56.68. The stock had a trading volume of 456,091 shares, compared to its average volume of 686,228. The company's 50-day moving average is $52.93 and its 200 day moving average is $62.65. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of -809.60 and a beta of 1.46.

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

RadNet Company 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.