Axiom Investors LLC DE Sells 167,129 Shares of RadNet, Inc. $RDNT

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 reduced its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 59.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 112,338 shares of the medical research company's stock after selling 167,129 shares during the period. Axiom Investors LLC DE owned about 0.15% of RadNet worth $5,585,000 at the end of the most recent reporting period.

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

RadNet Price Performance

Shares of NASDAQ RDNT traded down $0.23 during trading on Friday, reaching $71.56. The company had a trading volume of 230,167 shares, compared to its average volume of 820,947. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. The stock has a market cap of $5.50 billion, a PE ratio of -357.83 and a beta of 1.43. 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 business's 50 day moving average price is $59.54 and its 200-day moving average price is $56.19.

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Truist Financial set a $74.00 price target on shares of RadNet in a research report on Thursday, July 10th. B. Riley assumed coverage on shares of RadNet in a research report on Friday, June 13th. They issued a "buy" rating and a $69.00 price target on the stock. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. Raymond James Financial restated a "strong-buy" rating and issued a $75.00 price target (up from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Finally, Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, RadNet currently has an average rating of "Buy" and an average target price of $71.60.

Insider Buying and Selling

In related news, EVP David Jeffrey Katz sold 17,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the completion of the sale, the executive vice president directly owned 86,774 shares of the company's stock, valued at $5,927,531.94. The trade was a 16.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Cornelis Wesdorp sold 1,500 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $66.98, for a total transaction of $100,470.00. Following the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 84,098 shares of company stock valued at $5,689,605 over the last ninety days. Insiders own 5.60% of the company's stock.

About RadNet

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.