Charles Schwab Investment Management Inc. Decreases Stake in RadNet, Inc. (NASDAQ:RDNT)

Charles Schwab Investment Management Inc. decreased its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 624,190 shares of the medical research company's stock after selling 13,121 shares during the period. Charles Schwab Investment Management Inc. owned about 0.84% of RadNet worth $43,593,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Franklin Resources Inc. increased its holdings in shares of RadNet by 12.0% in the 3rd quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company's stock worth $27,334,000 after purchasing an additional 41,381 shares in the last quarter. KBC Group NV grew its holdings in shares of RadNet by 47.6% in the fourth quarter. KBC Group NV now owns 2,678 shares of the medical research company's stock worth $187,000 after acquiring an additional 864 shares during the period. Pathstone Holdings LLC grew its holdings in shares of RadNet by 58.5% in the third quarter. Pathstone Holdings LLC now owns 27,503 shares of the medical research company's stock worth $1,908,000 after acquiring an additional 10,151 shares during the period. Allspring Global Investments Holdings LLC grew its holdings 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 worth $103,532,000 after acquiring an additional 344,146 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of RadNet by 1.4% in the third quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company's stock worth $9,229,000 after acquiring an additional 1,838 shares during the period. Institutional investors own 77.90% of the company's stock.

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RadNet Stock Performance

NASDAQ:RDNT traded down $0.57 during mid-day trading on Tuesday, hitting $48.45. 1,545,634 shares of the company traded hands, compared to its average volume of 612,512. The stock's fifty day moving average price is $60.53 and its 200-day moving average price is $67.94. RadNet, Inc. has a one year low of $44.08 and a one year high of $93.65. 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 has a market cap of $3.59 billion, a price-to-earnings ratio of -692.04 and a beta of 1.85.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating 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 business had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. Research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on RDNT. Barclays cut their price objective on RadNet from $85.00 to $74.00 and set an "overweight" rating for the company in a report on Wednesday, January 22nd. Raymond James raised RadNet from an "outperform" rating to a "strong-buy" rating and cut their price objective for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. Truist Financial reaffirmed a "buy" rating and issued a $88.00 price objective (down previously from $94.00) on shares of RadNet in a report on Wednesday, January 22nd. Finally, Jefferies Financial Group cut their price objective on RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, RadNet has an average rating of "Buy" and an average target price of $76.75.

Insider Activity

In other news, Director David L. Swartz sold 25,000 shares of the business's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the transaction, the director now directly owns 174,067 shares in the company, valued at $8,849,566.28. The trade was a 12.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Cornelis Wesdorp sold 1,000 shares of the business's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.52, for a total value of $50,520.00. Following the completion of the transaction, the chief executive officer now owns 55,995 shares in the company, valued at $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 have sold 28,000 shares of company stock worth $1,426,680 over the last ninety days. Corporate insiders own 5.12% of the company's stock.

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.