Sei Investments Co. Decreases Holdings in RadNet, Inc. $RDNT

Sei Investments Co. lowered its position in RadNet, Inc. (NASDAQ:RDNT) by 5.3% during the first quarter, HoldingsChannel.com reports. The fund owned 255,020 shares of the medical research company’s stock after selling 14,265 shares during the quarter. Sei Investments Co.’s holdings in RadNet were worth $14,253,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. acquired a new position in RadNet during the fourth quarter worth $25,000. Danske Bank A S purchased a new stake in RadNet during the third quarter worth $30,000. Allworth Financial LP grew its holdings in RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in RadNet in the fourth quarter valued at $36,000. Finally, Harbour Investments Inc. purchased a new position in shares of RadNet in the fourth quarter valued at $42,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other RadNet news, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the sale, the director directly owned 177,013 shares of the company’s stock, valued at $9,539,230.57. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the transaction, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.60% of the stock is owned by company insiders.

RadNet Stock Performance

NASDAQ RDNT opened at $62.69 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. RadNet, Inc. has a fifty-two week low of $50.76 and a fifty-two week high of $85.84. The business has a fifty day moving average of $59.35 and a 200-day moving average of $61.88. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of -348.26 and a beta of 1.37.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The company had revenue of $575.63 million for the quarter, compared to analyst estimates of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The firm’s revenue was up 22.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.50) EPS. As a group, analysts predict that RadNet, Inc. will post 0.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on RDNT shares. Weiss Ratings lowered shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Zacks Research downgraded shares of RadNet from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, Barclays cut their target price on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $87.43.

RadNet Company 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.