Sei Investments Co. Increases Stake in RadNet, Inc. (NASDAQ:RDNT)

Sei Investments Co. increased its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 6.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 256,906 shares of the medical research company’s stock after purchasing an additional 16,643 shares during the quarter. Sei Investments Co.’s holdings in RadNet were worth $17,943,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RDNT. Citigroup Inc. lifted its stake in RadNet by 23.0% in the third quarter. Citigroup Inc. now owns 174,878 shares of the medical research company’s stock worth $12,135,000 after purchasing an additional 32,673 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of RadNet by 3.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 38,796 shares of the medical research company’s stock worth $2,692,000 after acquiring an additional 1,323 shares during the last quarter. D.A. Davidson & CO. purchased a new position in RadNet during the 3rd quarter valued at $208,000. FMR LLC grew its position in RadNet by 0.3% in the 3rd quarter. FMR LLC now owns 701,396 shares of the medical research company’s stock valued at $48,670,000 after acquiring an additional 2,242 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in RadNet by 128.2% in the third quarter. BNP Paribas Financial Markets now owns 15,447 shares of the medical research company’s stock worth $1,072,000 after purchasing an additional 8,677 shares during the period. 77.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RDNT has been the topic of a number of research analyst reports. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and cut their price target for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. Jefferies Financial Group reduced their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Barclays decreased their price target on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday. Truist Financial reissued a “buy” rating and issued a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Finally, StockNews.com raised RadNet to a “sell” rating in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, three have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $73.25.

RadNet Trading Down 0.1 %

NASDAQ:RDNT opened at $50.67 on Friday. The firm has a 50-day simple moving average of $57.76 and a 200-day simple moving average of $67.13. RadNet, Inc. has a one year low of $45.82 and a one year high of $93.65. The firm has a market cap of $3.75 billion, a P/E ratio of -723.75 and a beta of 1.85. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $477.10 million during the quarter, compared to the consensus estimate of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. Equities analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David L. Swartz sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the transaction, the director now owns 174,067 shares in the company, valued at $8,849,566.28. The trade was a 12.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total transaction of $50,520.00. Following the sale, the chief executive officer now directly owns 55,995 shares of the company’s stock, valued at $2,828,867.40. The trade was a 1.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock worth $1,926,730 in the last three months. 5.12% of the stock is owned by insiders.

RadNet Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.