Clearbridge Investments LLC Has $79.55 Million Holdings in RadNet, Inc. $RDNT

Clearbridge Investments LLC lessened its stake in RadNet, Inc. (NASDAQ:RDNT) by 6.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,114,973 shares of the medical research company’s stock after selling 71,087 shares during the quarter. Clearbridge Investments LLC owned about 1.45% of RadNet worth $79,553,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in RadNet in the fourth quarter valued at about $25,000. Allworth Financial LP grew its position 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 acquiring an additional 305 shares during the last quarter. Danske Bank A S bought a new position in RadNet in the third quarter valued at about $30,000. Jones Financial Companies Lllp grew its position in RadNet by 62.2% in the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after acquiring an additional 171 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in RadNet in the fourth quarter valued at about $36,000. Institutional investors own 77.90% of the company’s stock.

Wall Street Analysts Forecast Growth

RDNT has been the topic of a number of recent analyst reports. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Barclays decreased their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $91.00 target price on shares of RadNet in a research report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, RadNet currently has a consensus rating of “Moderate Buy” and an average target price of $87.43.

RadNet Stock Performance

NASDAQ:RDNT opened at $54.16 on Tuesday. The stock has a market cap of $4.26 billion, a P/E ratio of -300.87 and a beta of 1.41. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The stock’s 50-day moving average is $55.72 and its 200-day moving average is $66.05. RadNet, Inc. has a 1-year low of $50.76 and a 1-year high of $85.84.

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

Insider Buying and Selling at RadNet

In other news, insider Alma Gregory Sorensen sold 15,000 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total transaction of $932,250.00. Following the sale, the insider directly owned 1,208,923 shares in the company, valued at approximately $75,134,564.45. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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.