Royce & Associates LP Sells 6,050 Shares of RadNet, Inc. (NASDAQ:RDNT)

Royce & Associates LP lessened its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 5.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,989 shares of the medical research company's stock after selling 6,050 shares during the quarter. Royce & Associates LP owned approximately 0.14% of RadNet worth $7,123,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Franklin Resources Inc. lifted 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 acquiring an additional 41,381 shares in the last quarter. KBC Group NV lifted its position in shares of RadNet by 47.6% during the fourth quarter. KBC Group NV now owns 2,678 shares of the medical research company's stock valued at $187,000 after purchasing an additional 864 shares in the last quarter. Pathstone Holdings LLC lifted its position in shares of RadNet by 58.5% during the third quarter. Pathstone Holdings LLC now owns 27,503 shares of the medical research company's stock valued at $1,908,000 after purchasing an additional 10,151 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in RadNet by 30.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company's stock worth $103,532,000 after purchasing an additional 344,146 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in RadNet by 1.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company's stock worth $9,229,000 after purchasing an additional 1,838 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

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RadNet Stock Performance

NASDAQ:RDNT traded down $0.46 during trading hours on Friday, reaching $49.25. The stock had a trading volume of 1,319,962 shares, compared to its average volume of 619,992. The stock has a market cap of $3.65 billion, a P/E ratio of -703.47 and a beta of 1.85. The stock has a 50 day simple moving average of $58.78 and a 200 day simple moving average of $67.46. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet, Inc. has a 12-month low of $45.82 and a 12-month high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $477.10 million during 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, research analysts forecast that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. StockNews.com raised shares of RadNet to a "sell" rating in a research report on Wednesday. Jefferies Financial Group dropped their price target on RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, January 15th. Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and reduced their price objective for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. Truist Financial reaffirmed a "buy" rating and set a $88.00 target price (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Finally, Barclays cut their price target on shares of RadNet from $85.00 to $74.00 and set an "overweight" rating on the stock in a 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, RadNet has a consensus rating of "Buy" and an average target price of $76.75.

Insider Activity at RadNet

In related news, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the sale, the chief executive officer now 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 SEC, which is accessible through this hyperlink. Also, COO Norman R. Hames sold 5,000 shares of the firm's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total value of $251,100.00. Following the completion of the transaction, the chief operating officer now owns 251,959 shares of the company's stock, valued at approximately $12,653,380.98. This represents a 1.95 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,000 shares of company stock worth $1,926,730. 5.12% of the stock is owned by corporate insiders.

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.