Harvest Fund Management Co. Ltd Trims Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Harvest Fund Management Co. Ltd cut its stake in RadNet, Inc. (NASDAQ:RDNT) by 30.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 9,330 shares of the medical research company’s stock after selling 4,165 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in RadNet were worth $662,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. USA Financial Formulas purchased a new stake in RadNet in the fourth quarter valued at $30,000. Fifth Third Bancorp lifted its position in RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after acquiring an additional 305 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in RadNet by 377.0% in the fourth 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 period. Twin Tree Management LP acquired a new position in RadNet in the fourth quarter valued at $106,000. Finally, IFP Advisors Inc increased its stake in RadNet by 39.1% in the fourth quarter. IFP Advisors Inc now owns 1,697 shares of the medical research company’s stock valued at $119,000 after purchasing an additional 477 shares during the period. 77.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on RDNT shares. Barclays dropped their price objective on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 22nd. StockNews.com upgraded shares of RadNet to a “sell” rating in a research note on Wednesday. Truist Financial restated a “buy” rating and issued a $88.00 price objective (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and dropped their price target for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group cut their price target on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, three have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $76.75.

Insider Buying and Selling at RadNet

In other news, 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 value of $50,520.00. Following the sale, the chief executive officer now directly owns 55,995 shares in the company, valued at $2,828,867.40. This represents a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Norman R. Hames sold 5,000 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the sale, the chief operating officer now owns 261,959 shares in the company, valued at $13,042,938.61. This represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,000 shares of company stock valued at $1,926,730. Corporate insiders own 5.12% of the company’s stock.

RadNet Trading Down 2.0 %

NASDAQ RDNT opened at $49.71 on Friday. The stock has a market capitalization of $3.68 billion, a P/E ratio of -710.04 and a beta of 1.85. RadNet, Inc. has a 52-week low of $45.82 and a 52-week high of $93.65. The firm has a 50-day moving average price of $59.17 and a 200 day moving average price of $67.57. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89.

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 analysts’ consensus estimates 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 analysts’ expectations of $459.42 million. Equities research analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.

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.