Bank of America Corp DE Cuts Stake in RadNet, Inc. (NASDAQ:RDNT)

Bank of America Corp DE reduced its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 32.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 173,821 shares of the medical research company’s stock after selling 83,164 shares during the period. Bank of America Corp DE owned about 0.23% of RadNet worth $12,140,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in RDNT. Fifth Third Bancorp increased its position in shares of RadNet by 84.3% in the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after purchasing an additional 305 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after purchasing an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of RadNet by 42.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock valued at $99,000 after purchasing an additional 422 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of RadNet in the 4th quarter valued at approximately $105,000. Finally, Twin Tree Management LP purchased a new stake in shares of RadNet in the 4th quarter valued at approximately $106,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RDNT. Wall Street Zen downgraded shares of RadNet from a “hold” rating to a “sell” rating in a research report on Thursday. Raymond James raised shares of RadNet from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Truist Financial lowered their target price on shares of RadNet from $88.00 to $74.00 and set a “buy” rating for the company in a report on Friday, April 11th. Finally, Barclays lowered their target price on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, March 24th. One investment 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 stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $69.75.

RadNet Trading Down 2.2%

Shares of RadNet stock opened at $56.77 on Friday. The company has a fifty day simple moving average of $52.65 and a 200-day simple moving average of $62.95. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of -810.88 and a beta of 1.46.

RadNet (NASDAQ:RDNT) last issued its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. The business had revenue of $477.10 million during the quarter, compared to analysts’ expectations of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. On average, equities analysts forecast 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 stock in a transaction 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 sale, the director now owns 174,067 shares in the company, valued at $8,849,566.28. This represents a 12.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the sale, the chief executive officer now owns 55,995 shares of the company’s stock, valued at approximately $2,828,867.40. This represents a 1.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,447 shares of company stock worth $2,433,550 in the last 90 days. Company insiders own 5.12% of the company’s stock.

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.