SG Capital Management LLC Sells 78,324 Shares of RadNet, Inc. (NASDAQ:RDNT)

SG Capital Management LLC decreased its holdings in RadNet, Inc. (NASDAQ:RDNT) by 91.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,101 shares of the medical research company’s stock after selling 78,324 shares during the period. SG Capital Management LLC’s holdings in RadNet were worth $346,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDNT. SG Americas Securities LLC increased its position in shares of RadNet by 8.7% during the first quarter. SG Americas Securities LLC now owns 3,637 shares of the medical research company’s stock worth $177,000 after acquiring an additional 291 shares during the period. Natixis Advisors L.P. increased its position in shares of RadNet by 5.6% during the fourth quarter. Natixis Advisors L.P. now owns 11,789 shares of the medical research company’s stock worth $409,000 after acquiring an additional 627 shares during the period. Mutual of America Capital Management LLC increased its position in shares of RadNet by 6.2% during the first quarter. Mutual of America Capital Management LLC now owns 11,232 shares of the medical research company’s stock worth $547,000 after acquiring an additional 656 shares during the period. Assetmark Inc. increased its position in shares of RadNet by 35.2% during the fourth quarter. Assetmark Inc. now owns 3,183 shares of the medical research company’s stock worth $111,000 after acquiring an additional 829 shares during the period. Finally, ProShare Advisors LLC increased its position in shares of RadNet by 8.3% during the first quarter. ProShare Advisors LLC now owns 12,252 shares of the medical research company’s stock worth $596,000 after acquiring an additional 940 shares during the period. 77.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at RadNet

In other RadNet news, EVP David Jeffrey Katz sold 16,400 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $61.26, for a total value of $1,004,664.00. Following the completion of the sale, the executive vice president now directly owns 65,441 shares in the company, valued at $4,008,915.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP David Jeffrey Katz sold 16,400 shares of RadNet stock in a transaction on Friday, June 7th. The shares were sold at an average price of $61.26, for a total transaction of $1,004,664.00. Following the completion of the sale, the executive vice president now directly owns 65,441 shares in the company, valued at $4,008,915.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Stolper sold 25,000 shares of RadNet stock in a transaction on Monday, June 10th. The stock was sold at an average price of $61.27, for a total transaction of $1,531,750.00. Following the sale, the chief financial officer now owns 80,398 shares of the company’s stock, valued at $4,925,985.46. The disclosure for this sale can be found here. Insiders sold a total of 99,730 shares of company stock worth $6,121,516 over the last three months. Corporate insiders own 5.12% of the company’s stock.

RadNet Stock Down 4.6 %

RDNT traded down $2.68 during trading on Friday, hitting $55.34. The stock had a trading volume of 704,935 shares, compared to its average volume of 570,171. The company has a market capitalization of $4.09 billion, a PE ratio of 184.47 and a beta of 1.75. RadNet, Inc. has a twelve month low of $25.11 and a twelve month high of $66.04. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.86 and a current ratio of 1.86. The stock has a 50 day simple moving average of $59.82 and a two-hundred day simple moving average of $50.51.

RadNet (NASDAQ:RDNT) last announced its earnings results on Wednesday, May 8th. The medical research company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.16. The company had revenue of $431.70 million during the quarter, compared to the consensus estimate of $421.72 million. RadNet had a net margin of 1.28% and a return on equity of 5.05%. RadNet’s revenue was up 10.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.08) earnings per share. On average, research analysts predict that RadNet, Inc. will post 0.58 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RDNT shares. Raymond James raised their target price on shares of RadNet from $50.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th. Barclays lifted their price objective on shares of RadNet from $48.00 to $51.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Jefferies Financial Group lifted their price objective on shares of RadNet from $61.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Truist Financial lifted their price objective on shares of RadNet from $63.00 to $70.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, StockNews.com lowered shares of RadNet from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, RadNet has a consensus rating of “Hold” and a consensus price target of $64.00.

About RadNet

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.