RadNet, Inc. $RDNT Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments reduced its RadNet stake by 17.4% in the first quarter, selling 182,923 shares and leaving it with 865,404 shares worth about $47.9 million.
• RadNet reported quarterly EPS of ($0.28), missing estimates, but revenue of $575.63 million beat expectations and rose 22.1% year over year.
• Analyst sentiment is mixed but still broadly positive, with a Moderate Buy consensus and an average price target of $87.43, even as some firms recently downgraded the stock.

Allspring Global Investments Holdings LLC cut its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 17.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 865,404 shares of the medical research company's stock after selling 182,923 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.11% of RadNet worth $47,865,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RDNT. RTW Investments LP increased its stake in shares of RadNet by 39.9% in the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock worth $281,012,000 after buying an additional 1,122,956 shares during the last quarter. Polar Capital Holdings Plc bought a new stake in shares of RadNet in the 3rd quarter worth about $63,423,000. Price T Rowe Associates Inc. MD increased its position in shares of RadNet by 30.3% in the 4th 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. Ameriprise Financial Inc. increased its position in shares of RadNet by 79.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company's stock worth $79,364,000 after purchasing an additional 618,392 shares during the last quarter. Finally, Defiance ETFs LLC acquired a new stake in shares of RadNet in the 4th quarter valued at about $37,019,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Price Performance

Shares of RDNT opened at $62.19 on Friday. RadNet, Inc. has a 12 month low of $50.76 and a 12 month high of $85.84. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a fifty day moving average price of $57.99 and a 200 day moving average price of $62.76. The company has a market cap of $4.89 billion, a P/E ratio of -345.48 and a beta of 1.37.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Weiss Ratings downgraded RadNet from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, May 12th. Barclays cut their price objective on RadNet from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 20th. Finally, Zacks Research downgraded RadNet from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, RadNet has a consensus rating of "Moderate Buy" and an average price target of $87.43.

Insider Activity

In other RadNet news, Director David L. Swartz sold 2,699 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the transaction, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, the chief executive officer directly owned 69,075 shares in the company, valued at approximately $4,013,948.25. This trade represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.60% of the company's stock.

About RadNet

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.

Want to see what other hedge funds are holding RDNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RadNet, Inc. (NASDAQ:RDNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.