RadNet, Inc. $RDNT Stock Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its stake in RadNet, Inc. (NASDAQ:RDNT) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,111,277 shares of the medical research company’s stock after selling 21,812 shares during the quarter. Principal Financial Group Inc.’s holdings in RadNet were worth $62,109,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. purchased a new position in shares of RadNet during the 4th quarter valued at $25,000. Allworth Financial LP boosted its position in RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares during the last quarter. Danske Bank A S acquired a new stake in RadNet during the third quarter valued at $30,000. Eurizon Capital SGR S.p.A. purchased a new position in RadNet in the fourth quarter valued at about $36,000. Finally, Harbour Investments Inc. purchased a new position in RadNet in the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Trading Up 2.6%

RadNet stock opened at $62.99 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17. The business’s 50-day simple moving average is $57.91 and its 200-day simple moving average is $62.77. The firm has a market capitalization of $4.95 billion, a PE ratio of -349.93 and a beta of 1.37. RadNet, Inc. has a 52 week low of $50.76 and a 52 week high of $85.84.

RadNet (NASDAQ:RDNT) last announced its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business had revenue of $575.63 million for the quarter, compared to the consensus estimate of $557.93 million. During the same quarter in the previous year, the company earned ($0.50) EPS. RadNet’s revenue for the quarter was up 22.1% compared to the same quarter last year. Equities research analysts forecast that RadNet, Inc. will post 0.54 earnings per share for the current year.

Insider Activity at RadNet

In other news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the sale, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.60% of the company’s stock.

Wall Street Analysts Forecast Growth

RDNT has been the subject of a number of recent research reports. Zacks Research downgraded RadNet from a “hold” rating to a “strong sell” rating in a research note on Monday. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Barclays dropped their price objective on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.43.

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.