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

Harbor Capital Advisors Inc. reduced its position in RadNet, Inc. (NASDAQ:RDNT) by 8.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 113,760 shares of the medical research company’s stock after selling 10,630 shares during the quarter. RadNet makes up 0.6% of Harbor Capital Advisors Inc.’s portfolio, making the stock its 21st largest holding. Harbor Capital Advisors Inc. owned approximately 0.15% of RadNet worth $8,117,000 at the end of the most recent quarter.

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

RadNet Stock Performance

Shares of RDNT stock opened at $54.79 on Friday. The company has a market capitalization of $4.25 billion, a P/E ratio of -219.16 and a beta of 1.53. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $85.84. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.79. The firm has a 50-day moving average price of $65.74 and a 200 day moving average price of $72.72.

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

Analyst Upgrades and Downgrades

RDNT has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research note on Monday, December 29th. KeyCorp upgraded RadNet to a “strong-buy” rating in a research note on Friday, January 9th. UBS Group set a $92.00 target price on RadNet in a report on Friday, January 9th. Raymond James Financial restated a “strong-buy” rating on shares of RadNet in a research report on Thursday, December 18th. Finally, Truist Financial set a $90.00 price target on RadNet in a research note on Wednesday, December 17th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $90.43.

Insider Buying and Selling

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total transaction of $932,250.00. Following the sale, the insider directly owned 1,208,923 shares in the company, valued at $75,134,564.45. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.60% of the stock is currently owned by company insiders.

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.