Citigroup Inc. Decreases Stake in RadNet, Inc. (NASDAQ:RDNT)

Citigroup Inc. lowered its position in RadNet, Inc. (NASDAQ:RDNT) by 6.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 103,589 shares of the medical research company’s stock after selling 6,793 shares during the quarter. Citigroup Inc. owned about 0.18% of RadNet worth $2,593,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in RDNT. Bank of New York Mellon Corp grew its holdings in RadNet by 2.5% during the 1st quarter. Bank of New York Mellon Corp now owns 398,943 shares of the medical research company’s stock valued at $8,924,000 after buying an additional 9,850 shares in the last quarter. MetLife Investment Management LLC grew its holdings in RadNet by 55.7% during the 1st quarter. MetLife Investment Management LLC now owns 25,554 shares of the medical research company’s stock valued at $572,000 after buying an additional 9,142 shares in the last quarter. Rhumbline Advisers grew its holdings in RadNet by 9.2% during the 1st quarter. Rhumbline Advisers now owns 115,282 shares of the medical research company’s stock valued at $2,579,000 after buying an additional 9,760 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in RadNet by 19.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 40,190 shares of the medical research company’s stock valued at $899,000 after buying an additional 6,668 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its holdings in RadNet by 4.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 40,557 shares of the medical research company’s stock valued at $929,000 after buying an additional 1,830 shares in the last quarter. Hedge funds and other institutional investors own 74.84% of the company’s stock.

RadNet Stock Performance

Shares of RDNT opened at $31.14 on Wednesday. The stock has a 50-day moving average price of $32.20 and a 200-day moving average price of $28.86. The company has a market cap of $2.11 billion, a PE ratio of -124.56 and a beta of 1.68. RadNet, Inc. has a 12-month low of $12.03 and a 12-month high of $35.18. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.11.

RadNet (NASDAQ:RDNT) last released its earnings results on Tuesday, August 8th. The medical research company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.17. The company had revenue of $403.70 million during the quarter, compared to the consensus estimate of $389.29 million. RadNet had a positive return on equity of 3.98% and a negative net margin of 0.84%. RadNet’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS. As a group, equities analysts forecast that RadNet, Inc. will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Norman R. Hames sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $31.12, for a total value of $311,200.00. Following the completion of the sale, the chief operating officer now owns 278,485 shares in the company, valued at approximately $8,666,453.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.43% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Truist Financial initiated coverage on RadNet in a report on Thursday, August 31st. They set a “buy” rating and a $40.00 target price for the company. StockNews.com upgraded RadNet from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th.

RadNet Company 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.