RadNet, Inc. (NASDAQ:RDNT) Stake Lowered by Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust reduced its position in RadNet, Inc. (NASDAQ:RDNT) by 3.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 508,516 shares of the medical research company’s stock after selling 20,029 shares during the period. RadNet accounts for about 1.8% of Emerald Mutual Fund Advisers Trust’s investment portfolio, making the stock its 8th biggest position. Emerald Mutual Fund Advisers Trust owned about 0.69% of RadNet worth $35,286,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Highline Wealth Partners LLC purchased a new stake in RadNet during the third quarter valued at approximately $68,000. Nisa Investment Advisors LLC raised its position in RadNet by 321.6% during the third quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the medical research company’s stock valued at $248,000 after purchasing an additional 2,727 shares during the period. Modera Wealth Management LLC purchased a new stake in RadNet during the third quarter valued at approximately $313,000. Wealth Enhancement Advisory Services LLC purchased a new stake in RadNet during the third quarter valued at approximately $389,000. Finally, Highland Capital Management LLC purchased a new stake in RadNet during the third quarter valued at approximately $215,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Stock Up 2.3 %

Shares of NASDAQ:RDNT opened at $66.54 on Friday. RadNet, Inc. has a 52-week low of $26.68 and a 52-week high of $72.18. The stock has a market cap of $4.92 billion, a P/E ratio of 475.29 and a beta of 1.74. The business’s 50 day moving average is $66.88 and its 200 day moving average is $61.12. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.92.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Wednesday, August 7th. The medical research company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $438.53 million. During the same period last year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. Sell-side analysts predict that RadNet, Inc. will post 0.59 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RDNT. Truist Financial increased their price target on RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Barclays upgraded RadNet from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $57.00 to $79.00 in a report on Friday, September 6th. Jefferies Financial Group increased their price target on RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Sidoti upgraded RadNet to a “strong-buy” rating in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $74.75.

Insider Buying and Selling at RadNet

In other RadNet news, EVP Michael N. Murdock sold 15,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total transaction of $941,700.00. Following the sale, the executive vice president now owns 48,144 shares of the company’s stock, valued at approximately $3,022,480.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.12% of the company’s stock.

RadNet 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.