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

Formula Growth Ltd. cut its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 13.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,750 shares of the medical research company's stock after selling 9,000 shares during the quarter. RadNet comprises approximately 1.3% of Formula Growth Ltd.'s investment portfolio, making the stock its 24th biggest position. Formula Growth Ltd. owned about 0.08% of RadNet worth $3,963,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. HighTower Advisors LLC increased its stake in RadNet by 1.8% during the third quarter. HighTower Advisors LLC now owns 7,861 shares of the medical research company's stock worth $545,000 after acquiring an additional 136 shares during the last quarter. Highland Capital Management LLC grew its holdings in shares of RadNet by 6.5% during the 4th quarter. Highland Capital Management LLC now owns 3,307 shares of the medical research company's stock worth $231,000 after purchasing an additional 202 shares during the period. Summit Investment Advisors Inc. increased its position in shares of RadNet by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company's stock worth $483,000 after purchasing an additional 219 shares during the last quarter. Summit Financial LLC raised its holdings in RadNet by 2.4% in the 4th quarter. Summit Financial LLC now owns 11,111 shares of the medical research company's stock valued at $776,000 after buying an additional 262 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in RadNet by 4.3% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,389 shares of the medical research company's stock valued at $516,000 after buying an additional 302 shares during the period. Hedge funds and other institutional investors own 77.90% of the company's stock.

Insider Activity at RadNet

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the business's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the completion of the sale, the chief executive officer now directly owns 55,995 shares of the company's stock, valued at approximately $2,828,867.40. The trade was a 1.75 % decrease in their position. The transaction 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 firm's stock in a transaction that occurred on 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 owns 174,067 shares in the company, valued at $8,849,566.28. This represents a 12.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,000 shares of company stock valued at $1,926,730 over the last ninety days. Insiders own 5.12% of the company's stock.

Analysts Set New Price Targets

RDNT has been the subject of a number of recent analyst reports. Jefferies Financial Group dropped their price target on shares of RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a research report on Wednesday, January 15th. Barclays dropped their target price on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, March 24th. 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. StockNews.com upgraded shares of RadNet to a "sell" rating in a report on Wednesday, March 19th. Finally, Truist Financial reduced their target price on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a report on Friday, April 11th. One analyst has rated the stock with a sell rating, three have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $69.75.

RadNet Stock Down 4.9 %

NASDAQ:RDNT traded down $2.42 during trading hours on Monday, hitting $47.36. The company's stock had a trading volume of 625,736 shares, compared to its average volume of 660,445. The stock has a market capitalization of $3.51 billion, a P/E ratio of -676.47 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 stock has a fifty day moving average of $52.68 and a 200-day moving average of $64.89. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its 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. The business had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. On average, equities analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

About RadNet

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.