Prudential Financial Inc. Sells 14,722 Shares of RadNet, Inc. (NASDAQ:RDNT)

Prudential Financial Inc. cut its stake in RadNet, Inc. (NASDAQ:RDNT) by 18.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,940 shares of the medical research company’s stock after selling 14,722 shares during the quarter. Prudential Financial Inc. owned about 0.09% of RadNet worth $4,605,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its stake in RadNet by 3.5% in the third quarter. The Manufacturers Life Insurance Company now owns 38,796 shares of the medical research company’s stock valued at $2,692,000 after purchasing an additional 1,323 shares during the last quarter. D.A. Davidson & CO. purchased a new stake in RadNet during the third quarter valued at approximately $208,000. FMR LLC boosted its stake in RadNet by 0.3% in the third quarter. FMR LLC now owns 701,396 shares of the medical research company’s stock valued at $48,670,000 after acquiring an additional 2,242 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in RadNet by 128.2% in the third quarter. BNP Paribas Financial Markets now owns 15,447 shares of the medical research company’s stock worth $1,072,000 after purchasing an additional 8,677 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in RadNet by 33.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,244 shares of the medical research company’s stock worth $1,197,000 after purchasing an additional 4,332 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price objective for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. StockNews.com upgraded RadNet to a “sell” rating in a research note on Wednesday, March 19th. Barclays decreased their price objective on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. Truist Financial reissued a “buy” rating and set a $88.00 target price (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Finally, Jefferies Financial Group decreased 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 investment analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, RadNet has a consensus rating of “Buy” and an average target price of $73.25.

Insider Transactions at RadNet

In related news, COO Norman R. Hames sold 5,000 shares of the firm’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $50.22, for a total transaction of $251,100.00. Following the sale, the chief operating officer now owns 251,959 shares in the company, valued at approximately $12,653,380.98. This trade represents a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total transaction of $105,160.00. Following the completion of the transaction, the chief executive officer now owns 58,995 shares of the company’s stock, valued at approximately $3,101,957.10. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock worth $1,926,730 over the last quarter. 5.12% of the stock is currently owned by insiders.

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $49.72 on Tuesday. RadNet, Inc. has a twelve month low of $45.82 and a twelve 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 company has a market cap of $3.68 billion, a PE ratio of -710.18 and a beta of 1.85. The company’s 50 day moving average is $57.35 and its 200 day moving average is $67.01.

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

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.