Clearbridge Investments LLC Has $65.80 Million Position in RadNet, Inc. (NASDAQ:RDNT)

Clearbridge Investments LLC raised its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 28.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 942,082 shares of the medical research company's stock after acquiring an additional 207,582 shares during the quarter. Clearbridge Investments LLC owned about 1.27% of RadNet worth $65,795,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. USA Financial Formulas bought a new stake in shares of RadNet during the fourth quarter valued at approximately $30,000. Fifth Third Bancorp boosted its position in RadNet by 84.3% in the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock valued at $47,000 after buying an additional 305 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock valued at $96,000 after buying an additional 1,063 shares during the period. Twin Tree Management LP acquired a new stake in shares of RadNet in the 4th quarter valued at $106,000. Finally, IFP Advisors Inc raised its position in shares of RadNet by 39.1% during the fourth quarter. IFP Advisors Inc now owns 1,697 shares of the medical research company's stock worth $119,000 after acquiring an additional 477 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company's stock.

Insiders Place Their Bets

In related news, CEO Cornelis Wesdorp sold 1,000 shares of the company'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 completion of the transaction, the chief executive officer now directly owns 55,995 shares of the company's stock, valued at approximately $2,828,867.40. This represents a 1.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David L. Swartz sold 25,000 shares of the business's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the completion of the sale, the director now owns 174,067 shares in the company, valued at approximately $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock worth $1,926,730 over the last ninety days. 5.12% of the stock is currently owned by corporate insiders.

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Analyst Ratings Changes

A number of brokerages recently commented on RDNT. Jefferies Financial Group lowered their price objective on RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a research report on Wednesday, January 15th. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and cut their price objective for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. Barclays reduced their price objective on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. StockNews.com upgraded shares of RadNet to a "sell" rating in a research report on Wednesday, March 19th. Finally, Truist Financial restated a "buy" rating and issued a $88.00 price target (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. One investment 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. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $73.25.

RadNet Trading Down 1.6 %

NASDAQ:RDNT traded down $0.81 during trading hours on Friday, hitting $48.70. The stock had a trading volume of 1,157,538 shares, compared to its average volume of 639,734. The business's 50 day moving average is $56.32 and its 200-day moving average is $66.55. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The company has a market cap of $3.61 billion, a price-to-earnings ratio of -695.61 and a beta of 1.85. RadNet, Inc. has a one year low of $45.82 and a one year high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.01. The business had revenue of $477.10 million during the quarter, compared to analysts' expectations of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. Sell-side analysts anticipate 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.