Lazard Asset Management LLC Cuts Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

Lazard Asset Management LLC reduced its stake in RadNet, Inc. (NASDAQ:RDNT) by 94.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 442 shares of the medical research company’s stock after selling 8,086 shares during the quarter. Lazard Asset Management LLC’s holdings in RadNet were worth $30,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Fifth Third Bancorp grew its stake 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 worth $47,000 after acquiring an additional 305 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in RadNet by 377.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock worth $96,000 after purchasing an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in 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 buying an additional 422 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in RadNet in the fourth quarter worth $105,000. Finally, Twin Tree Management LP purchased a new stake in RadNet in the fourth quarter worth $106,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $56.61 on Tuesday. The company’s fifty day moving average price is $52.93 and its 200-day moving average price is $62.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of -808.60 and a beta of 1.46. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65.

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

Insider Buying and Selling

In other RadNet news, COO Norman R. Hames sold 2,911 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $174,660.00. Following the transaction, the chief operating officer now directly owns 24,889 shares in the company, valued at $1,493,340. This trade represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David L. Swartz sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was 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 of the company’s stock, valued at approximately $8,849,566.28. The trade was a 12.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,447 shares of company stock worth $2,433,550 in the last quarter. 5.12% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Barclays reduced their price objective on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, March 24th. Truist Financial decreased their price target on shares of RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Wall Street Zen lowered RadNet from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Finally, Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $69.75.

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.