Cerity Partners LLC Sells 163,829 Shares of RadNet, Inc. (NASDAQ:RDNT)

Cerity Partners LLC cut its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 42.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 223,707 shares of the medical research company's stock after selling 163,829 shares during the quarter. Cerity Partners LLC owned about 0.30% of RadNet worth $15,523,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in RadNet in the 4th quarter valued at approximately $56,381,000. Raymond James Financial Inc. purchased a new position in RadNet in the 4th quarter valued at about $33,090,000. Allspring Global Investments Holdings LLC raised its position 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 buying an additional 344,146 shares during the last quarter. Clearbridge Investments LLC lifted its stake in shares of RadNet by 28.3% during the 4th quarter. Clearbridge Investments LLC now owns 942,082 shares of the medical research company's stock worth $65,795,000 after purchasing an additional 207,582 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in RadNet by 154.8% during the fourth quarter. JPMorgan Chase & Co. now owns 338,843 shares of the medical research company's stock worth $23,665,000 after buying an additional 205,846 shares during the period. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Activity at RadNet

In other news, COO Norman R. Hames sold 5,000 shares of the business's 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 sale, the chief operating officer now directly owns 261,959 shares of the company's stock, valued at $13,042,938.61. The trade was a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $50,520.00. Following the completion of the transaction, the chief executive officer now owns 55,995 shares of the company's stock, valued at approximately $2,828,867.40. The trade was a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock worth $1,926,730 in the last 90 days. Corporate insiders own 5.12% of the company's stock.

RadNet Stock Performance

RDNT traded down $0.42 on Tuesday, hitting $52.94. 153,436 shares of the company's stock were exchanged, compared to its average volume of 651,221. The firm has a market cap of $3.92 billion, a PE ratio of -756.21 and a beta of 1.59. The stock has a fifty day moving average of $53.94 and a two-hundred day moving average of $65.54. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $477.10 million for the quarter, compared to analysts' expectations of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. On average, research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on RDNT shares. Jefferies Financial Group decreased their price target on shares of RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, January 15th. Barclays reduced their price target on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, March 24th. Truist Financial reduced their target price on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a report on Friday. 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 report on Wednesday, March 5th. Finally, StockNews.com raised RadNet to a "sell" rating in a research report on Wednesday, March 19th. One equities research 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 stock. Based on data from MarketBeat.com, RadNet has an average rating of "Buy" and an average target price 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.