Pier Capital LLC Acquires 3,600 Shares of RadNet, Inc. (NASDAQ:RDNT)

Pier Capital LLC lifted its holdings in RadNet, Inc. (NASDAQ:RDNT) by 3.0% in the 4th quarter, Holdings Channel reports. The firm owned 125,085 shares of the medical research company’s stock after acquiring an additional 3,600 shares during the period. Pier Capital LLC’s holdings in RadNet were worth $8,736,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RDNT. USA Financial Formulas bought a new stake in RadNet in the 4th quarter worth about $30,000. Fifth Third Bancorp boosted its holdings in shares of RadNet by 84.3% during the 4th 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 grew its stake in shares of RadNet by 377.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock worth $96,000 after acquiring an additional 1,063 shares during the period. Twin Tree Management LP bought a new stake in shares of RadNet in the fourth quarter worth approximately $106,000. Finally, IFP Advisors Inc raised its holdings in shares of RadNet by 39.1% during 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 last quarter. 77.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

RDNT has been the topic of several research reports. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and dropped their target price for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. Barclays cut their target price on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday. StockNews.com upgraded shares of RadNet to a “sell” rating in a research report on Wednesday, March 19th. Truist Financial reissued a “buy” rating and set a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Finally, Jefferies Financial Group decreased their target price on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $73.25.

RadNet Price Performance

NASDAQ:RDNT opened at $51.83 on Tuesday. The business’s 50-day simple moving average is $58.48 and its two-hundred day simple moving average is $67.45. RadNet, Inc. has a 52 week low of $45.82 and a 52 week high of $93.65. The stock has a market cap of $3.84 billion, a PE ratio of -740.32 and a beta of 1.85. 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 the consensus estimate of $0.21 by $0.01. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The company had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. As a group, analysts forecast that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insider Activity

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the completion of the transaction, the chief executive officer now owns 55,995 shares in the company, valued at $2,828,867.40. This trade represents a 1.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David L. Swartz sold 25,000 shares of RadNet stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the completion of the sale, the director now directly owns 174,067 shares in the company, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock worth $1,926,730 over the last quarter. Insiders own 5.12% of the company’s stock.

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.