Formula Growth Ltd. Lowers Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

Formula Growth Ltd. reduced its position in RadNet, Inc. (NASDAQ:RDNT) by 13.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,750 shares of the medical research company’s stock after selling 9,000 shares during the quarter. RadNet accounts for about 1.3% of Formula Growth Ltd.’s holdings, making the stock its 24th largest holding. Formula Growth Ltd.’s holdings in RadNet were worth $3,963,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of RDNT. USA Financial Formulas purchased a new stake in RadNet in the fourth quarter worth approximately $30,000. Fifth Third Bancorp grew its holdings in shares of RadNet by 84.3% during the 4th 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 last quarter. Smartleaf Asset Management LLC raised 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 worth $96,000 after purchasing an additional 1,063 shares during the period. Canada Pension Plan Investment Board bought a new stake in RadNet in the fourth quarter worth $105,000. Finally, Twin Tree Management LP purchased a new stake in RadNet during the fourth quarter valued at about $106,000. 77.90% of the stock is currently owned by institutional investors.

Insider Transactions at RadNet

In other RadNet news, 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 value of $248,950.00. Following the completion of the transaction, the chief operating officer now owns 261,959 shares in the company, valued at approximately $13,042,938.61. This represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the firm’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 directly owns 55,995 shares of the company’s stock, valued at $2,828,867.40. This represents a 1.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,000 shares of company stock valued at $1,926,730. Corporate insiders own 5.12% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RDNT shares. Truist Financial lowered their target price on RadNet from $88.00 to $74.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. Jefferies Financial Group decreased their target price 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. Barclays cut their price target on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, March 24th. Finally, StockNews.com upgraded shares of RadNet to a “sell” rating in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, RadNet currently has an average rating of “Buy” and a consensus price target of $69.75.

RadNet Stock Performance

NASDAQ:RDNT opened at $49.78 on Friday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm’s fifty day simple moving average is $52.98 and its 200 day simple moving average is $65.09. The stock has a market cap of $3.69 billion, a P/E ratio of -711.04 and a beta of 1.59. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65.

RadNet (NASDAQ:RDNT) last announced 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 firm 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 EPS for the current 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.