Penn Capital Management Company LLC Sells 8,890 Shares of RadNet, Inc. (NASDAQ:RDNT)

Penn Capital Management Company LLC lessened its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 132,283 shares of the medical research company's stock after selling 8,890 shares during the period. Penn Capital Management Company LLC owned approximately 0.18% of RadNet worth $9,239,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RDNT. USA Financial Formulas bought a new stake in shares of RadNet during the fourth quarter valued at approximately $30,000. Fifth Third Bancorp increased its position in RadNet by 84.3% in the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock valued at $47,000 after acquiring an additional 305 shares during the period. Smartleaf Asset Management LLC increased its position in RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock valued at $96,000 after acquiring an additional 1,063 shares during the period. Tower Research Capital LLC TRC raised its stake in 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 in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of RadNet in the fourth quarter worth $105,000. 77.90% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director David L. Swartz sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the transaction, the director now owns 174,067 shares of the company's stock, valued at approximately $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Norman R. Hames sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $49.79, for a total transaction of $248,950.00. Following the transaction, the chief operating officer now directly owns 261,959 shares in the company, valued at $13,042,938.61. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock worth $1,926,730 over the last 90 days. 5.12% of the stock is owned by company insiders.

RadNet Price Performance

Shares of RDNT traded up $1.26 during trading hours on Tuesday, hitting $52.29. 177,795 shares of the company were exchanged, compared to its average volume of 662,207. The firm has a fifty day simple moving average of $51.44 and a 200-day simple moving average of $64.29. The company has a market capitalization of $3.87 billion, a PE ratio of -744.89 and a beta of 1.59. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65.

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, beating 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 business had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. As a group, sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current year.

Analyst Ratings Changes

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