Formula Growth Ltd. Sells 9,000 Shares of RadNet, Inc. (NASDAQ:RDNT)

Formula Growth Ltd. decreased its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 13.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,750 shares of the medical research company's stock after selling 9,000 shares during the period. RadNet accounts for approximately 1.3% of Formula Growth Ltd.'s holdings, making the stock its 24th biggest holding. Formula Growth Ltd. owned about 0.08% of RadNet worth $3,963,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in RDNT. USA Financial Formulas bought a new position in RadNet in the fourth quarter valued at about $30,000. Fifth Third Bancorp lifted its stake in RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock valued at $47,000 after buying an additional 305 shares during the period. Smartleaf Asset Management LLC lifted its stake in RadNet by 377.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock valued at $96,000 after buying an additional 1,063 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of RadNet during the 4th quarter worth about $105,000. Finally, Twin Tree Management LP bought a new stake in shares of RadNet in the 4th quarter valued at about $106,000. Institutional investors own 77.90% of the company's stock.

RadNet Stock Up 3.3 %

Shares of RadNet stock traded up $1.60 during trading on Thursday, reaching $50.61. The stock had a trading volume of 146,126 shares, compared to its average volume of 660,131. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of -722.67 and a beta of 1.59. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. The stock has a fifty day moving average price of $52.15 and a two-hundred day moving average price of $64.67.

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

Insider Activity at RadNet

In related news, CEO Cornelis Wesdorp sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total transaction of $105,160.00. Following the completion of the transaction, the chief executive officer now directly owns 58,995 shares of the company's stock, valued at approximately $3,101,957.10. This represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David L. Swartz sold 25,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the transaction, the director now directly owns 174,067 shares in the company, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,000 shares of company stock valued at $1,926,730. Corporate insiders own 5.12% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on RDNT shares. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and cut their target price for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. Barclays reduced their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a report on Monday, March 24th. Truist Financial cut their price objective on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Jefferies Financial Group lowered their target price on RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, January 15th. Finally, StockNews.com upgraded shares of RadNet to a "sell" rating in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $69.75.

RadNet Company 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.