Harbor Capital Advisors Inc. Sells 10,630 Shares of RadNet, Inc. $RDNT

Harbor Capital Advisors Inc. lessened its stake in RadNet, Inc. (NASDAQ:RDNT) by 8.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,760 shares of the medical research company’s stock after selling 10,630 shares during the quarter. RadNet comprises approximately 0.6% of Harbor Capital Advisors Inc.’s investment portfolio, making the stock its 21st biggest holding. Harbor Capital Advisors Inc.’s holdings in RadNet were worth $8,117,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Ellsworth Advisors LLC bought a new stake in shares of RadNet during the fourth quarter worth $741,000. SG Americas Securities LLC raised its stake in shares of RadNet by 13.1% during the fourth quarter. SG Americas Securities LLC now owns 30,276 shares of the medical research company’s stock worth $2,160,000 after buying an additional 3,510 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in RadNet in the fourth quarter valued at approximately $756,000. Fulton Bank N.A. grew its holdings in RadNet by 28.6% during the 4th quarter. Fulton Bank N.A. now owns 9,350 shares of the medical research company’s stock worth $667,000 after acquiring an additional 2,081 shares during the period. Finally, Allworth Financial LP raised its position in shares of RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 305 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Activity

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total transaction of $932,250.00. Following the completion of the transaction, the insider directly owned 1,208,923 shares in the company, valued at approximately $75,134,564.45. This trade represents a 1.23% 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. Insiders own 5.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. UBS Group set a $92.00 price target on RadNet in a research note on Friday, January 9th. The Goldman Sachs Group raised RadNet to a “buy” rating in a research note on Tuesday, December 16th. Jefferies Financial Group reissued a “buy” rating and issued a $91.00 target price on shares of RadNet in a research note on Tuesday, March 3rd. Truist Financial set a $90.00 target price on RadNet in a report on Wednesday, December 17th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of RadNet in a research report on Thursday, December 18th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $90.43.

RadNet Stock Performance

Shares of RDNT opened at $54.79 on Friday. The firm’s 50 day moving average price is $65.74 and its two-hundred day moving average price is $72.72. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.76 and a current ratio of 1.76. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $85.84. The firm has a market cap of $4.25 billion, a P/E ratio of -219.16 and a beta of 1.53.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Monday, March 2nd. The medical research company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. The business had revenue of $547.71 million for the quarter, compared to analyst estimates of $515.67 million. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. During the same period last year, the business posted $0.22 earnings per share. On average, analysts forecast that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

About RadNet

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.