Rathbones Group PLC Cuts Stake in RadNet, Inc. $RDNT
by Mitch Edgeman · The Markets DailyRathbones Group PLC lowered its position in RadNet, Inc. (NASDAQ:RDNT – Free Report) by 27.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,328 shares of the medical research company’s stock after selling 15,678 shares during the quarter. Rathbones Group PLC owned approximately 0.05% of RadNet worth $2,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Danske Bank A S purchased a new stake in shares of RadNet during the third quarter valued at approximately $30,000. Allworth Financial LP boosted its stake in shares of RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of RadNet by 1,086.5% during the third quarter. Farther Finance Advisors LLC now owns 439 shares of the medical research company’s stock valued at $33,000 after purchasing an additional 402 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of RadNet by 62.2% during the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after purchasing an additional 171 shares during the period. Finally, Salomon & Ludwin LLC purchased a new stake in shares of RadNet during the third quarter valued at approximately $37,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.
Insider Buying and Selling
In related news, insider Alma Gregory Sorensen sold 15,000 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total value of $932,250.00. Following the completion of the sale, the insider owned 1,208,923 shares of the company’s stock, valued at $75,134,564.45. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.60% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. Truist Financial set a $90.00 price objective on RadNet in a research note on Wednesday, December 17th. Raymond James Financial reissued a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. The Goldman Sachs Group raised RadNet to a “buy” rating in a research note on Tuesday, December 16th. UBS Group set a $92.00 price objective on RadNet in a research note on Friday, January 9th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $91.00 price objective on shares of RadNet in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, RadNet presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.43.
Read Our Latest Report on RadNet
RadNet Stock Performance
Shares of RDNT stock opened at $54.58 on Wednesday. The stock has a fifty day moving average of $65.00 and a 200 day moving average of $72.39. RadNet, Inc. has a 52 week low of $46.76 and a 52 week high of $85.84. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of -218.32 and a beta of 1.53. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.79.
RadNet (NASDAQ:RDNT – Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The medical research company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The company had revenue of $547.71 million during the quarter, compared to analyst estimates of $515.67 million. During the same quarter last year, the firm posted $0.22 earnings per share. The firm’s revenue was up 14.8% on a year-over-year basis. As a group, research analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current year.
RadNet Company Profile
RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.
Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.