Sei Investments Co. cut its holdings in shares of RadNet, Inc. (NASDAQ:RDNT – Free Report) by 5.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 255,020 shares of the medical research company’s stock after selling 14,265 shares during the period. Sei Investments Co. owned 0.32% of RadNet worth $14,253,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of RDNT. Crossmark Global Holdings Inc. grew its position in RadNet by 3.3% during the 4th quarter. Crossmark Global Holdings Inc. now owns 5,048 shares of the medical research company’s stock worth $360,000 after purchasing an additional 163 shares during the last quarter. Summit Financial LLC raised its holdings in shares of RadNet by 1.3% in the fourth quarter. Summit Financial LLC now owns 12,563 shares of the medical research company’s stock valued at $896,000 after buying an additional 166 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of RadNet by 3.3% during the fourth quarter. Bank of Montreal Can now owns 5,557 shares of the medical research company’s stock worth $396,000 after buying an additional 180 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of RadNet by 2.9% during the first quarter. PNC Financial Services Group Inc. now owns 7,392 shares of the medical research company’s stock worth $413,000 after buying an additional 207 shares during the period. Finally, Smartleaf Asset Management LLC grew its holdings in shares of RadNet by 16.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,586 shares of the medical research company’s stock worth $113,000 after buying an additional 225 shares during the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.
RadNet Trading Down 1.1%
Shares of RadNet stock opened at $62.69 on Friday. RadNet, Inc. has a 52-week low of $50.76 and a 52-week high of $85.84. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The company’s 50-day simple moving average is $59.35 and its 200-day simple moving average is $61.88. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of -348.26 and a beta of 1.37.
Insider Activity at RadNet
In related news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David L. Swartz sold 2,699 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the transaction, the director owned 177,013 shares of the company’s stock, valued at $9,539,230.57. The trade was a 1.50% decrease in their position. The SEC filing for this sale provides additional information. 5.60% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several analysts have commented on RDNT shares. Zacks Research downgraded RadNet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Weiss Ratings downgraded RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Barclays dropped their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.43.
About RadNet
RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.
Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.
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