Bank of New York Mellon Corp Sells 16,128 Shares of RadNet, Inc. (NASDAQ:RDNT)

Bank of New York Mellon Corp cut its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 3.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 496,160 shares of the medical research company's stock after selling 16,128 shares during the period. Bank of New York Mellon Corp owned approximately 0.67% of RadNet worth $34,652,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RDNT. IFP Advisors Inc lifted its holdings in RadNet by 39.1% in the fourth quarter. IFP Advisors Inc now owns 1,697 shares of the medical research company's stock valued at $119,000 after acquiring an additional 477 shares during the period. Y Intercept Hong Kong Ltd bought a new position in RadNet in the fourth quarter valued at about $334,000. Navellier & Associates Inc. lifted its holdings in RadNet by 4.9% in the fourth quarter. Navellier & Associates Inc. now owns 9,501 shares of the medical research company's stock valued at $664,000 after acquiring an additional 440 shares during the period. Handelsbanken Fonder AB lifted its holdings in RadNet by 11.9% in the fourth quarter. Handelsbanken Fonder AB now owns 16,900 shares of the medical research company's stock valued at $1,180,000 after acquiring an additional 1,800 shares during the period. Finally, Private Advisor Group LLC bought a new position in RadNet in the fourth quarter valued at about $261,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Stock Performance

Shares of RDNT stock traded down $1.27 during trading hours on Friday, reaching $50.31. 1,115,940 shares of the company traded hands, compared to its average volume of 881,878. RadNet, Inc. has a 12-month low of $42.45 and a 12-month high of $93.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The company has a market cap of $3.73 billion, a P/E ratio of -718.61 and a beta of 1.85. The firm has a 50-day moving average price of $63.31 and a 200 day moving average price of $68.58.

Remove Ads

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $477.10 million for the quarter, compared to analysts' expectations of $459.42 million. As a group, sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 1,000 shares of the business's stock in a transaction that occurred 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 transaction, 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. 5.12% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on RDNT. Truist Financial reissued a "buy" rating and issued a $88.00 target price (down previously from $94.00) on shares of RadNet in a report on Wednesday, January 22nd. Raymond James raised RadNet from an "outperform" rating to a "strong-buy" rating and lowered their target price for the company from $85.00 to $65.00 in a report on Wednesday. Barclays lowered their target price on RadNet from $85.00 to $74.00 and set an "overweight" rating on the stock in a report on Wednesday, January 22nd. Finally, Jefferies Financial Group decreased their price objective on RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $76.75.

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.