Punch & Associates Investment Management Inc. lowered its position in shares of RadNet, Inc. (NASDAQ:RDNT – Free Report) by 8.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 595,280 shares of the medical research company’s stock after selling 55,889 shares during the quarter. RadNet accounts for about 1.9% of Punch & Associates Investment Management Inc.’s holdings, making the stock its 6th biggest holding. Punch & Associates Investment Management Inc.’s holdings in RadNet were worth $33,270,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in RDNT. Nations Financial Group Inc. IA ADV bought a new position in shares of RadNet during the fourth quarter valued at about $1,118,000. Campbell Newman Asset Management Inc. bought a new stake in shares of RadNet in the fourth quarter worth about $1,773,000. Van Berkom & Associates Inc. increased its holdings in RadNet by 24.9% during the 1st quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company’s stock valued at $57,488,000 after purchasing an additional 204,858 shares during the period. Assenagon Asset Management S.A. purchased a new position in RadNet during the 4th quarter valued at about $756,000. Finally, Bessemer Group Inc. increased its holdings in RadNet by 11.4% during the 4th quarter. Bessemer Group Inc. now owns 493,999 shares of the medical research company’s stock valued at $35,248,000 after purchasing an additional 50,690 shares during the period. Institutional investors own 77.90% of the company’s stock.
RadNet Price Performance
RDNT stock opened at $61.57 on Friday. RadNet, Inc. has a 1 year low of $50.76 and a 1 year high of $85.84. The company has a market cap of $4.84 billion, a P/E ratio of -342.04 and a beta of 1.37. The firm has a 50-day moving average of $58.66 and a 200 day moving average of $62.39. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Barclays reduced their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 20th. Finally, Zacks Research downgraded RadNet from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.43.
Check Out Our Latest Stock Report on RadNet
Insider Buying and Selling
In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the transaction, the director directly owned 177,013 shares of the company’s stock, valued at $9,539,230.57. This represents a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.60% of the company’s stock.
RadNet Profile
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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