RadNet, Inc. (NASDAQ:RDNT) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. decreased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 18.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 65,940 shares of the medical research company's stock after selling 14,722 shares during the period. Prudential Financial Inc. owned approximately 0.09% of RadNet worth $4,605,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Franklin Resources Inc. increased its stake in RadNet by 12.0% during the 3rd quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company's stock valued at $27,334,000 after purchasing an additional 41,381 shares in the last quarter. KBC Group NV increased its position in shares of RadNet by 47.6% in the 4th quarter. KBC Group NV now owns 2,678 shares of the medical research company's stock valued at $187,000 after acquiring an additional 864 shares during the period. Allspring Global Investments Holdings LLC raised its stake in RadNet by 30.4% in 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 acquiring an additional 344,146 shares during the last quarter. JPMorgan Chase & Co. lifted its position in RadNet by 1.4% during the 3rd 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. Finally, WCM Investment Management LLC acquired a new position in shares of RadNet in the fourth quarter valued at about $14,110,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

Remove Ads

RadNet Trading Down 1.6 %

Shares of RDNT traded down $0.81 during mid-day trading on Friday, reaching $48.70. The stock had a trading volume of 1,157,538 shares, compared to its average volume of 639,734. RadNet, Inc. has a 52-week low of $45.82 and a 52-week high of $93.65. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of -695.61 and a beta of 1.85. The business's fifty 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 current ratio of 2.16 and a quick ratio of 2.16.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results 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 company had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. On average, sell-side analysts predict that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on RDNT. Raymond James raised RadNet from an "outperform" rating to a "strong-buy" rating and decreased their target price for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. StockNews.com raised shares of RadNet to a "sell" rating in a report on Wednesday, March 19th. Barclays reduced 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. Jefferies Financial Group lowered their price target 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. Finally, Truist Financial reiterated a "buy" rating and set a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, RadNet currently has an average rating of "Buy" and a consensus price target of $73.25.

Insider Activity at RadNet

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the sale, the chief executive officer now directly owns 55,995 shares in the company, valued at approximately $2,828,867.40. This trade represents a 1.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David L. Swartz sold 25,000 shares of RadNet stock in a transaction 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 completion of the transaction, the director now owns 174,067 shares of the company's stock, 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. In the last 90 days, insiders have sold 38,000 shares of company stock worth $1,926,730. 5.12% of the stock is currently owned by company insiders.

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.