RadNet, Inc. $RDNT Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 17.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 865,404 shares of the medical research company’s stock after selling 182,923 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RadNet were worth $47,865,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of RDNT. AQR Capital Management LLC raised its position in shares of RadNet by 5.4% during the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after buying an additional 350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in RadNet by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock worth $1,956,000 after purchasing an additional 1,699 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in RadNet by 563.4% during the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock worth $85,000 after purchasing an additional 1,448 shares in the last quarter. United Services Automobile Association acquired a new stake in RadNet in the first quarter worth approximately $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in RadNet by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock valued at $21,904,000 after purchasing an additional 8,762 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at RadNet

In other news, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction dated 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 sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.60% of the stock is owned by insiders.

RadNet Trading Down 1.3%

NASDAQ:RDNT opened at $62.19 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 1-year low of $50.76 and a 1-year high of $85.84. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of -345.48 and a beta of 1.37. The stock has a fifty day simple moving average of $57.99 and a 200 day simple moving average of $62.76.

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

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.