RadNet, Inc. $RDNT Stock Position Reduced by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its RadNet position by 87.7% in the third quarter, selling 16,811 shares and retaining 2,361 shares valued at approximately $163,000.
• Other institutional investors increased or initiated holdings, and institutional ownership stands at 77.9% of RadNet’s stock.
• RadNet reported quarterly revenue of $622.72 million, up 25% year over year, and EPS of $0.29, exceeding analyst expectations. Analysts maintain an overall “Buy” rating with an average price target of $90 versus the stock’s reported $73.49 price.

Sterling Capital Management LLC lowered its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 87.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,361 shares of the medical research company's stock after selling 16,811 shares during the quarter. Sterling Capital Management LLC's holdings in RadNet were worth $163,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Bank of America Corp DE grew its position in shares of RadNet by 15.1% during the first quarter. Bank of America Corp DE now owns 589,610 shares of the medical research company's stock worth $32,953,000 after purchasing an additional 77,198 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of RadNet during the second quarter valued at approximately $1,172,000. Legal & General Group Plc bought a new stake in shares of RadNet during the second quarter valued at approximately $9,787,000. California State Teachers Retirement System raised its position in shares of RadNet by 25.4% during the first quarter. California State Teachers Retirement System now owns 77,646 shares of the medical research company's stock valued at $4,340,000 after buying an additional 15,746 shares during the last quarter. Finally, Van Berkom & Associates Inc. lifted its holdings in shares of RadNet by 24.9% in the first quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company's stock worth $57,488,000 after buying an additional 204,858 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Stock Down 0.2%

Shares of RDNT opened at $73.49 on Friday. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of -272.18 and a beta of 1.41. RadNet, Inc. has a 1 year low of $50.82 and a 1 year high of $85.84. The business's 50 day simple moving average is $72.56 and its 200-day simple moving average is $65.30. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.48 and a quick ratio of 1.48.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.09. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%. The firm had revenue of $622.72 million during the quarter, compared to the consensus estimate of $610.87 million. During the same period in the prior year, the company earned $0.31 EPS. The company's quarterly revenue was up 25.0% compared to the same quarter last year. As a group, equities analysts expect that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on RDNT. Zacks Research raised shares of RadNet from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 9th. Truist Financial lifted their price target on shares of RadNet from $90.00 to $94.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Jefferies Financial Group reiterated a "buy" rating on shares of RadNet in a research note on Friday, July 31st. Raymond James Financial reissued a "strong-buy" rating on shares of RadNet in a report on Tuesday, September 22nd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $90.00.

RadNet Profile

RadNet, Inc NASDAQ: RDNT is an outpatient diagnostic imaging company that operates imaging centers and provides related healthcare services. Its facilities offer diagnostic radiology and imaging procedures used to help detect, diagnose, and monitor medical conditions.

The company's services generally include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), mammography, ultrasound, X-ray, and other imaging procedures. RadNet also provides image-guided and interventional radiology services in selected markets, along with digital imaging, radiology, and information-technology solutions.

Founded in 1981, RadNet serves patients, physicians, hospitals, and other healthcare organizations through a network of outpatient imaging centers primarily located in the United States, including markets in California, New York, New Jersey, Maryland, and Delaware.

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