Penn Capital Management Company LLC Sells 8,890 Shares of RadNet, Inc. (NASDAQ:RDNT)

Penn Capital Management Company LLC lessened its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 132,283 shares of the medical research company's stock after selling 8,890 shares during the period. Penn Capital Management Company LLC owned approximately 0.18% of RadNet worth $9,239,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Highland Capital Management LLC boosted its position in shares of RadNet by 6.5% during the fourth quarter. Highland Capital Management LLC now owns 3,307 shares of the medical research company's stock worth $231,000 after buying an additional 202 shares during the period. Summit Investment Advisors Inc. increased its holdings in shares of RadNet by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company's stock valued at $483,000 after purchasing an additional 219 shares during the period. Summit Financial LLC raised its stake in shares of RadNet by 2.4% during the fourth quarter. Summit Financial LLC now owns 11,111 shares of the medical research company's stock valued at $776,000 after purchasing an additional 262 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in RadNet by 4.3% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,389 shares of the medical research company's stock worth $516,000 after purchasing an additional 302 shares during the period. Finally, Fifth Third Bancorp grew 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 in the last quarter. 77.90% of the stock is currently owned by institutional investors.

Insider Transactions at RadNet

In other news, Director David L. Swartz sold 25,000 shares of RadNet stock in a transaction that occurred on 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 transaction, the director now owns 174,067 shares of the company's stock, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the sale, the chief executive officer now owns 58,995 shares of the company's stock, valued at $3,101,957.10. This trade represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock worth $1,926,730 in the last 90 days. 5.12% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RDNT. Raymond James raised shares of RadNet from an "outperform" rating to a "strong-buy" rating and reduced their price target for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Jefferies Financial Group decreased their price target on RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, January 15th. Truist Financial cut 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. Barclays dropped their price target on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, March 24th. Finally, StockNews.com raised shares of RadNet to a "sell" rating in a research note on Wednesday, March 19th. One research 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. According to data from MarketBeat.com, RadNet currently has an average rating of "Buy" and a consensus target price of $69.75.

RadNet Stock Up 1.5 %

Shares of RDNT traded up $0.77 during mid-day trading on Monday, reaching $51.03. The company's stock had a trading volume of 460,920 shares, compared to its average volume of 664,097. RadNet, Inc. has a 1 year low of $45.00 and a 1 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 company has a market cap of $3.78 billion, a price-to-earnings ratio of -728.90 and a beta of 1.59. The business has a fifty day moving average of $51.71 and a 200 day moving average of $64.42.

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, beating analysts' consensus estimates 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 company had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. As a group, analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current fiscal 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.