California Public Employees Retirement System lowered its position in RadNet, Inc. (NASDAQ:RDNT) by 5.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 332,700 shares of the medical research company’s stock after selling 18,000 shares during the period. California Public Employees Retirement System owned approximately 0.70% of RadNet worth $2,578,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Airain ltd purchased a new stake in RadNet in the second quarter valued at approximately $100,000. Campbell & CO Investment Adviser LLC purchased a new stake in RadNet in the second quarter valued at approximately $102,000. National Planning Corp boosted its position in RadNet by 9.8% in the second quarter. National Planning Corp now owns 16,796 shares of the medical research company’s stock valued at $132,000 after buying an additional 1,500 shares during the last quarter. Prudential Financial Inc. boosted its position in RadNet by 29.2% in the first quarter. Prudential Financial Inc. now owns 17,710 shares of the medical research company’s stock valued at $104,000 after buying an additional 4,000 shares during the last quarter. Finally, Royce & Associates LP purchased a new stake in RadNet in the first quarter valued at approximately $118,000. Hedge funds and other institutional investors own 48.82% of the company’s stock.
RadNet, Inc. (RDNT) opened at 10.90 on Monday. The firm has a market capitalization of $515.20 million, a P/E ratio of 57.37 and a beta of 0.95. RadNet, Inc. has a one year low of $5.25 and a one year high of $11.90. The firm has a 50-day moving average price of $11.23 and a 200-day moving average price of $8.54.
RadNet (NASDAQ:RDNT) last announced its earnings results on Tuesday, August 8th. The medical research company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.07. RadNet had a return on equity of 19.98% and a net margin of 1.04%. The company had revenue of $230.00 million for the quarter, compared to the consensus estimate of $230.32 million. During the same period last year, the business posted $0.09 EPS. The company’s revenue was up 5.2% on a year-over-year basis. Equities analysts anticipate that RadNet, Inc. will post $0.30 earnings per share for the current year.
A number of equities research analysts recently commented on the company. Zacks Investment Research lowered RadNet from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. BidaskClub upgraded RadNet from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 24th. Jefferies Group LLC upgraded RadNet from a “hold” rating to a “buy” rating and upped their target price for the company from $7.00 to $12.00 in a research report on Tuesday, August 22nd. Finally, TheStreet upgraded RadNet from a “c” rating to a “b-” rating in a research report on Thursday, August 24th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. RadNet currently has an average rating of “Buy” and an average price target of $12.00.
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In other RadNet news, insider Stephen M. Forthuber sold 18,500 shares of RadNet stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $8.38, for a total value of $155,030.00. Following the transaction, the insider now directly owns 406,922 shares in the company, valued at approximately $3,410,006.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lawrence L. Levitt sold 6,189 shares of RadNet stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $11.04, for a total value of $68,326.56. Following the completion of the transaction, the director now owns 198,937 shares in the company, valued at $2,196,264.48. The disclosure for this sale can be found here. Insiders sold a total of 1,236,900 shares of company stock worth $13,452,504 over the last quarter. Company insiders own 9.36% of the company’s stock.
RadNet, Inc is a provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States. As of December 31, 2016, the Company operated directly or indirectly through joint ventures, 305 centers located in California, Delaware, Florida, Maryland, New Jersey, New York and Rhode Island.
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