RadNet, Inc. $RDNT Shares Sold by Axiom Investors LLC DE

Key Points

• Axiom Investors LLC DE reduced its stake in RadNet, Inc. by 59.8%, now owning 112,338 shares valued at approximately $5.6 million.
• RadNet reported earnings of $0.31 per share for the latest quarter, exceeding analysts' expectations of $0.17, with revenue increasing 8.4% year-over-year.
• Insiders sold a total of 84,098 shares of RadNet stock worth nearly $5.7 million over the last quarter, indicating potential shifts in ownership dynamics.

Axiom Investors LLC DE trimmed its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 59.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 112,338 shares of the medical research company's stock after selling 167,129 shares during the period. Axiom Investors LLC DE owned approximately 0.15% of RadNet worth $5,585,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new stake in RadNet in the first quarter worth approximately $28,000. Tower Research Capital LLC TRC lifted its position in shares of RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after acquiring an additional 422 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of RadNet during the 4th quarter valued at $105,000. GAMMA Investing LLC lifted its position in shares of RadNet by 22.3% during the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock valued at $82,000 after acquiring an additional 300 shares during the last quarter. Finally, Aquatic Capital Management LLC acquired a new stake in shares of RadNet during the 4th quarter valued at $187,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Price Performance

RDNT opened at $70.10 on Friday. The stock has a fifty day moving average of $58.44 and a 200-day moving average of $55.93. The firm has a market capitalization of $5.39 billion, a P/E ratio of -350.48 and a beta of 1.43. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91.

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

Insider Activity

In related news, insider Ranjan Jayanathan sold 65,598 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the sale, the insider directly owned 138,198 shares in the company, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Jeffrey Katz sold 17,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total value of $1,161,270.00. Following the sale, the executive vice president owned 86,774 shares of the company's stock, valued at approximately $5,927,531.94. This represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,098 shares of company stock worth $5,689,605 over the last quarter. Corporate insiders own 5.60% of the company's stock.

Wall Street Analyst Weigh In

RDNT has been the subject of a number of recent research reports. Truist Financial set a $74.00 price objective on RadNet in a research report on Thursday, July 10th. B. Riley initiated coverage on RadNet in a research report on Friday, June 13th. They set a "buy" rating and a $69.00 price objective for the company. Morgan Stanley upgraded RadNet to an "overweight" rating in a research report on Monday, August 11th. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $75.00 price objective (up previously from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $71.60.

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.

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