Corient Private Wealth LLC Sells 2,717 Shares of RadNet, Inc. (NASDAQ:RDNT)

Corient Private Wealth LLC cut its stake in RadNet, Inc. (NASDAQ:RDNT) by 37.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,581 shares of the medical research company’s stock after selling 2,717 shares during the quarter. Corient Private Wealth LLC’s holdings in RadNet were worth $320,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of RDNT. Raymond James Financial Inc. purchased a new stake in shares of RadNet in the fourth quarter worth approximately $33,090,000. Portolan Capital Management LLC grew its position in RadNet by 384.8% in the 3rd quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company’s stock valued at $34,095,000 after acquiring an additional 390,011 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in RadNet by 30.4% in 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 period. WCM Investment Management LLC bought a new stake in shares of RadNet during the fourth quarter worth $14,110,000. Finally, Principal Financial Group Inc. lifted its position in shares of RadNet by 8.5% during the third quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock worth $104,539,000 after purchasing an additional 118,501 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RDNT has been the topic of several recent analyst reports. Truist Financial reaffirmed a “buy” rating and issued a $88.00 price target (down previously from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Jefferies Financial Group reduced their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price target for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. Barclays decreased their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. Finally, StockNews.com upgraded RadNet to a “sell” rating in a report on Wednesday, March 19th. One research 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. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $73.25.

RadNet Stock Performance

Shares of NASDAQ:RDNT opened at $49.44 on Monday. The firm has a 50 day moving average of $57.55 and a 200 day moving average of $67.13. 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 capitalization of $3.66 billion, a price-to-earnings ratio of -706.18 and a beta of 1.85. RadNet, Inc. has a 52 week low of $45.82 and a 52 week high of $93.65.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $459.42 million. On average, sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at RadNet

In other news, COO Norman R. Hames sold 5,000 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $49.79, for a total value of $248,950.00. Following the completion of the sale, the chief operating officer now owns 261,959 shares of the company’s stock, valued at $13,042,938.61. This trade represents a 1.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 value of $105,160.00. Following the transaction, the chief executive officer now directly owns 58,995 shares in the company, valued at $3,101,957.10. This represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,000 shares of company stock valued at $1,926,730. 5.12% of the stock is currently owned by 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.