Russell Investments Group Ltd. Reduces Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Russell Investments Group Ltd. lowered its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 58.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,871 shares of the medical research company's stock after selling 121,531 shares during the period. Russell Investments Group Ltd. owned approximately 0.12% of RadNet worth $6,137,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new stake in shares of RadNet during the 4th quarter valued at about $30,000. Fifth Third Bancorp lifted its position in RadNet by 84.3% during the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock valued at $47,000 after purchasing an additional 305 shares during the period. Smartleaf Asset Management LLC boosted its holdings 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 worth $96,000 after purchasing an additional 1,063 shares during the last quarter. Twin Tree Management LP bought a new stake in RadNet in the 4th quarter worth approximately $106,000. Finally, IFP Advisors Inc raised its stake in RadNet by 39.1% during the 4th quarter. IFP Advisors Inc now owns 1,697 shares of the medical research company's stock valued at $119,000 after buying an additional 477 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RDNT has been the topic of a number of research reports. Barclays dropped 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 dropped their target price on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Raymond James raised shares of RadNet from an "outperform" rating to a "strong-buy" rating and reduced their price target for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Jefferies Financial Group dropped their price objective 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. Finally, StockNews.com upgraded shares of RadNet to a "sell" rating in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $69.75.

Insider Buying and Selling

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the business's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $50.52, for a total value of $50,520.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Norman R. Hames sold 5,000 shares of the company's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total transaction of $251,100.00. Following the transaction, the chief operating officer now owns 251,959 shares of the company's stock, valued at approximately $12,653,380.98. This represents a 1.95 % 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 worth $1,926,730. 5.12% of the stock is owned by corporate insiders.

RadNet Price Performance

NASDAQ:RDNT traded down $0.74 during trading hours on Friday, hitting $49.78. 704,085 shares of the stock traded hands, compared to its average volume of 660,320. The company has a market cap of $3.69 billion, a price-to-earnings ratio of -711.04 and a beta of 1.59. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The stock has a 50 day moving average price of $52.98 and a 200 day moving average price of $65.09. 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 (NASDAQ:RDNT - Get Free Report) last released its 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 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 analysts' expectations of $459.42 million. Sell-side analysts forecast that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

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.