Northern Trust Corp Sells 25,927 Shares of RadNet, Inc. $RDNT

Key Points

• Northern Trust Corp reduced its stake in RadNet, Inc. by 3.4%, selling 25,927 shares during the 1st quarter, leaving it with approximately 746,161 shares valued at $37.1 million.
• Analysts have shown a positive sentiment towards RadNet, with ratings upgraded to "overweight" and "buy" by various brokerages, while the consensus price target is currently at $71.60.
• Insider trading activity includes CEO Cornelis Wesdorp and COO Norman R. Hames selling significant shares, reducing their holdings by 2.68% and 20.09%, respectively.

Northern Trust Corp lowered its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 3.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 746,161 shares of the medical research company's stock after selling 25,927 shares during the period. Northern Trust Corp owned approximately 0.99% of RadNet worth $37,099,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of RDNT. Renaissance Technologies LLC bought a new position in RadNet during the 4th quarter valued at about $237,000. Tower Research Capital LLC TRC lifted its stake in shares of RadNet by 42.2% in the 4th 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 period. Susquehanna Fundamental Investments LLC bought a new position in shares of RadNet in the 4th quarter worth approximately $572,000. Aquatic Capital Management LLC bought a new position in shares of RadNet in the 4th quarter worth approximately $187,000. Finally, Alyeska Investment Group L.P. lifted its stake in shares of RadNet by 108.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 502,612 shares of the medical research company's stock worth $35,102,000 after purchasing an additional 261,711 shares during the period. Institutional investors own 77.90% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on RDNT. Truist Financial set a $74.00 price objective on shares of RadNet in a research note on Thursday, July 10th. Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Morgan Stanley raised shares of RadNet to an "overweight" rating in a report on Monday, August 11th. B. Riley started coverage on shares of RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 target price for the company. Finally, Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, RadNet has a consensus rating of "Buy" and a consensus price target of $71.60.

Insider Buying and Selling at RadNet

In related news, CEO Cornelis Wesdorp sold 1,500 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $66.98, for a total value of $100,470.00. Following the completion of the transaction, the chief executive officer directly owned 54,495 shares of the company's stock, valued at approximately $3,650,075.10. This trade represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Norman R. Hames sold 5,000 shares of the firm's 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 transaction, the chief operating officer directly owned 19,889 shares of the company's stock, valued at approximately $1,414,107.90. This trade represents a 20.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 89,098 shares of company stock valued at $6,045,105. 5.60% of the stock is owned by company insiders.

RadNet Trading Down 0.0%

RDNT stock opened at $71.76 on Friday. The firm has a fifty day moving average price of $59.87 and a 200 day moving average price of $56.26. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. The firm has a market cap of $5.52 billion, a PE ratio of -358.78 and a beta of 1.43.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $498.23 million during the quarter, compared to analyst estimates of $488.06 million. During the same period last year, the firm posted $0.16 earnings per share. RadNet's revenue for the quarter was up 8.4% compared to the same quarter last year. Sell-side analysts anticipate that RadNet, Inc. will post 0.56 earnings per share 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.

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