RadNet, Inc. (NASDAQ:RDNT) Stake Lowered by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD decreased its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 42.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 209,208 shares of the medical research company's stock after selling 152,192 shares during the period. Price T Rowe Associates Inc. MD owned about 0.28% of RadNet worth $14,612,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. USA Financial Formulas acquired a new position in RadNet in the fourth quarter valued at about $30,000. Fifth Third Bancorp grew its stake in shares of 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 acquiring an additional 305 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of RadNet by 377.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after buying an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings 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 worth $99,000 after buying an additional 422 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in RadNet during the 4th quarter worth approximately $105,000. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Activity at RadNet

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.52, for a total transaction of $50,520.00. Following the transaction, the chief executive officer now owns 55,995 shares in the company, valued at $2,828,867.40. This represents a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David L. Swartz sold 25,000 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the transaction, the director now owns 174,067 shares of the company's stock, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock valued at $1,926,730 over the last quarter. 5.12% of the stock is owned by corporate insiders.

RadNet Stock Performance

NASDAQ:RDNT traded up $0.25 on Thursday, hitting $55.22. The stock had a trading volume of 346,957 shares, compared to its average volume of 860,028. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $93.65. The business's 50-day simple moving average is $50.58 and its two-hundred day simple moving average is $63.57. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of -788.74 and a beta of 1.46.

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, beating the consensus estimate of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The company had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. As a group, research analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

RadNet 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.