Squarepoint Ops LLC Sells 48,775 Shares of RadNet, Inc. $RDNT

Squarepoint Ops LLC lessened its holdings in RadNet, Inc. (NASDAQ:RDNT) by 77.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 14,405 shares of the medical research company’s stock after selling 48,775 shares during the period. Squarepoint Ops LLC’s holdings in RadNet were worth $820,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Zions Bancorporation National Association UT lifted its position in RadNet by 0.6% during the second quarter. Zions Bancorporation National Association UT now owns 35,081 shares of the medical research company’s stock valued at $1,996,000 after purchasing an additional 204 shares during the last quarter. Amalgamated Bank raised its position in shares of RadNet by 1.2% during the 2nd quarter. Amalgamated Bank now owns 18,820 shares of the medical research company’s stock valued at $1,071,000 after buying an additional 224 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of RadNet by 5.4% in the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock valued at $340,000 after acquiring an additional 350 shares during the last quarter. Scotia Capital Inc. grew its position in RadNet by 1.0% in the second quarter. Scotia Capital Inc. now owns 35,983 shares of the medical research company’s stock worth $2,048,000 after acquiring an additional 351 shares in the last quarter. Finally, Evergreen Capital Management LLC increased its stake in RadNet by 7.8% during the second quarter. Evergreen Capital Management LLC now owns 4,832 shares of the medical research company’s stock worth $275,000 after acquiring an additional 351 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Wall Street Analyst Weigh In

RDNT has been the subject of several analyst reports. Raymond James Financial reaffirmed a “strong-buy” rating on shares of RadNet in a research note on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research report on Monday, December 15th. Barclays lifted their price objective on shares of RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday, November 13th. The Goldman Sachs Group raised shares of RadNet to a “buy” rating in a research note on Tuesday, December 16th. Finally, Truist Financial set a $90.00 price target on shares of RadNet in a report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $87.60.

Insider Activity at RadNet

In other news, CAO Mital Patel sold 25,000 shares of RadNet stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $76.06, for a total transaction of $1,901,500.00. Following the completion of the sale, the chief accounting officer owned 205,138 shares of the company’s stock, valued at approximately $15,602,796.28. The trade was a 10.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 50,000 shares of company stock worth $3,902,254 over the last 90 days. Company insiders own 5.60% of the company’s stock.

RadNet Stock Down 2.6%

NASDAQ:RDNT opened at $74.68 on Tuesday. The company has a market cap of $5.76 billion, a price-to-earnings ratio of -439.27 and a beta of 1.48. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $85.84. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.82. The stock has a fifty day simple moving average of $78.17 and a 200-day simple moving average of $69.31.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Monday, November 10th. The medical research company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a positive return on equity of 2.52% and a negative net margin of 0.65%.The company had revenue of $522.87 million during the quarter, compared to the consensus estimate of $494.19 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. Analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current year.

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.