Beck Mack & Oliver LLC Reduces Stake in RadNet, Inc. (NASDAQ:RDNT)

Beck Mack & Oliver LLC trimmed its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 4.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,068,879 shares of the medical research company's stock after selling 129,493 shares during the period. RadNet makes up approximately 4.0% of Beck Mack & Oliver LLC's holdings, making the stock its 6th biggest holding. Beck Mack & Oliver LLC owned 4.15% of RadNet worth $214,331,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of RadNet in the fourth quarter worth about $56,381,000. Raymond James Financial Inc. bought a new stake in RadNet during the 4th quarter worth approximately $33,090,000. Allspring Global Investments Holdings LLC raised its holdings in RadNet by 30.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company's stock worth $103,532,000 after buying an additional 344,146 shares during the period. Clearbridge Investments LLC raised its holdings in 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 buying an additional 207,582 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in RadNet by 154.8% in the fourth quarter. JPMorgan Chase & Co. now owns 338,843 shares of the medical research company's stock valued at $23,665,000 after buying an additional 205,846 shares in the last quarter. Institutional investors own 77.90% of the company's stock.

RadNet Stock Up 4.0 %

Shares of NASDAQ RDNT traded up $1.97 during mid-day trading on Thursday, hitting $50.98. The company had a trading volume of 188,073 shares, compared to its average volume of 660,364. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The company has a market capitalization of $3.77 billion, a PE ratio of -730.42 and a beta of 1.59. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a 50-day simple moving average of $52.15 and a two-hundred day simple moving average of $64.67.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.01. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The firm had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. On average, equities analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Cornelis Wesdorp sold 2,000 shares of RadNet stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total transaction of $105,160.00. Following the completion of the transaction, the chief executive officer now owns 58,995 shares in the company, valued at approximately $3,101,957.10. This trade represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Norman R. Hames sold 5,000 shares of the business's stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 261,959 shares in the company, valued at approximately $13,042,938.61. This trade represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,000 shares of company stock valued at $1,926,730. 5.12% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on RDNT. 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. Raymond James raised RadNet from an "outperform" rating to a "strong-buy" rating and dropped their price target for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. StockNews.com raised RadNet to a "sell" rating in a research report on Wednesday, March 19th. Truist Financial decreased their price objective on RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a report on Friday, April 11th. Finally, Barclays cut their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, three have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price 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.