Wellington Management Group LLP Cuts Holdings in RadNet, Inc. $RDNT

Wellington Management Group LLP cut its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 29.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 280,019 shares of the medical research company’s stock after selling 115,837 shares during the quarter. Wellington Management Group LLP’s holdings in RadNet were worth $17,269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the stock. Allworth Financial LP grew its holdings in shares of RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after acquiring an additional 305 shares during the period. Danske Bank A S purchased a new stake in RadNet in the 3rd quarter worth approximately $30,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of RadNet in the fourth quarter worth $36,000. Harbour Investments Inc. purchased a new stake in RadNet in the 4th quarter worth $42,000. Finally, Kestra Advisory Services LLC bought a new stake in RadNet during the 4th quarter valued at approximately $67,000. Institutional investors own 77.90% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares in the company, valued at approximately $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David Swartz sold 2,699 shares of RadNet stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the sale, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 5.14% of the company’s stock.

Analysts Set New Price Targets

RDNT has been the topic of a number of research reports. Jefferies Financial Group reiterated a “buy” rating on shares of RadNet in a report on Friday, July 31st. Truist Financial increased their price target on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Zacks Research upgraded RadNet from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, Barclays lifted their price target on shares of RadNet from $65.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $90.00.

RadNet Stock Performance

NASDAQ RDNT opened at $73.71 on Monday. RadNet, Inc. has a 52 week low of $50.82 and a 52 week high of $85.84. The company has a 50 day moving average price of $69.00 and a 200 day moving average price of $62.46. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94. The firm has a market cap of $5.80 billion, a PE ratio of -272.99 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $622.72 million during the quarter, compared to analysts’ expectations of $610.87 million. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The business’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 EPS. As a group, sell-side analysts forecast that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

RadNet Company Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.