Woodline Partners LP Lowers Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

Woodline Partners LP reduced its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 76.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,556 shares of the medical research company's stock after selling 175,980 shares during the period. Woodline Partners LP owned approximately 0.07% of RadNet worth $3,740,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RDNT. Norges Bank acquired a new stake in shares of RadNet in the fourth quarter valued at $56,381,000. Raymond James Financial Inc. acquired a new stake in shares of RadNet in the fourth quarter valued at $33,090,000. T. Rowe Price Investment Management Inc. raised its stake in shares of RadNet by 79.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company's stock valued at $63,813,000 after acquiring an additional 404,241 shares in the last quarter. Tidal Investments LLC raised its stake in shares of RadNet by 7,219.2% in the fourth quarter. Tidal Investments LLC now owns 389,308 shares of the medical research company's stock valued at $27,189,000 after acquiring an additional 383,989 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of RadNet by 30.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company's stock valued at $103,532,000 after acquiring an additional 344,146 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Stock Performance

Shares of RDNT stock traded up $1.45 during mid-day trading on Friday, hitting $56.64. 186,917 shares of the stock were exchanged, compared to its average volume of 684,896. The stock's fifty day simple moving average is $53.26 and its two-hundred day simple moving average is $62.35. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of -810.10 and a beta of 1.46. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.01. The company had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. On average, analysts forecast that RadNet, Inc. will post 0.56 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Alma Gregory Sorensen sold 55,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $56.48, for a total transaction of $3,106,400.00. Following the transaction, the executive vice president now owns 1,160,509 shares of the company's stock, valued at $65,545,548.32. This trade represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the transaction, the chief executive officer now directly owns 55,995 shares in the company, valued at approximately $2,828,867.40. This represents a 1.75% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,447 shares of company stock valued at $5,539,950. 5.12% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

RDNT has been the topic of a number of analyst reports. Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and cut their price target for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. Barclays cut their price target on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. Truist Financial cut their price target on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Wall Street Zen cut RadNet from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $69.75.

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.