Pier Capital LLC Sells 110,927 Shares of RadNet, Inc. (NASDAQ:RDNT)

Pier Capital LLC reduced its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 38.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 174,582 shares of the medical research company’s stock after selling 110,927 shares during the quarter. RadNet accounts for 1.5% of Pier Capital LLC’s portfolio, making the stock its 9th largest position. Pier Capital LLC owned about 0.24% of RadNet worth $10,286,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in RDNT. Vanguard Group Inc. raised its holdings in shares of RadNet by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock valued at $223,862,000 after buying an additional 345,822 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of RadNet by 4.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,744,124 shares of the medical research company’s stock worth $60,646,000 after purchasing an additional 71,714 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of RadNet by 11.8% in the first quarter. Principal Financial Group Inc. now owns 1,442,887 shares of the medical research company’s stock valued at $70,211,000 after purchasing an additional 152,305 shares during the period. Hood River Capital Management LLC grew its holdings in RadNet by 7.8% during the 1st quarter. Hood River Capital Management LLC now owns 1,071,129 shares of the medical research company’s stock valued at $52,121,000 after purchasing an additional 77,244 shares in the last quarter. Finally, Global Alpha Capital Management Ltd. increased its stake in RadNet by 16.2% during the 1st quarter. Global Alpha Capital Management Ltd. now owns 1,019,934 shares of the medical research company’s stock worth $49,630,000 after buying an additional 141,830 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

RadNet Stock Performance

Shares of RadNet stock opened at $60.34 on Wednesday. The firm has a market cap of $4.46 billion, a PE ratio of 201.13 and a beta of 1.74. RadNet, Inc. has a 1 year low of $25.11 and a 1 year high of $67.93. The firm’s 50-day simple moving average is $61.72 and its 200-day simple moving average is $55.31. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.12 and a current ratio of 2.12.

RadNet (NASDAQ:RDNT) last released its earnings results on Wednesday, August 7th. The medical research company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). RadNet had a return on equity of 4.30% and a net margin of 0.58%. The firm had revenue of $459.70 million for the quarter, compared to the consensus estimate of $438.53 million. During the same period in the prior year, the business earned $0.24 EPS. The company’s quarterly revenue was up 13.9% on a year-over-year basis. Equities analysts forecast that RadNet, Inc. will post 0.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RDNT shares. Barclays raised shares of RadNet from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $57.00 to $79.00 in a research report on Friday, September 6th. Truist Financial increased their price target on RadNet from $63.00 to $70.00 and gave the company a “buy” rating in a report on Monday, July 15th. StockNews.com downgraded RadNet from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Finally, Jefferies Financial Group upped their target price on RadNet from $61.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.

Insider Buying and Selling

In other RadNet news, Director Gregory E. Spurlock sold 7,167 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $59.75, for a total transaction of $428,228.25. Following the sale, the director now directly owns 9,758 shares of the company’s stock, valued at $583,040.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other RadNet news, Director Gregory E. Spurlock sold 7,167 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $59.75, for a total value of $428,228.25. Following the transaction, the director now owns 9,758 shares of the company’s stock, valued at $583,040.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lawrence L. Levitt sold 4,000 shares of RadNet stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $57.77, for a total value of $231,080.00. Following the completion of the transaction, the director now owns 172,657 shares of the company’s stock, valued at $9,974,394.89. The disclosure for this sale can be found here. Insiders have sold 26,167 shares of company stock worth $1,601,008 over the last ninety days. 5.12% of the stock is owned by insiders.

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.