Edgestream Partners L.P. Purchases Shares of 56,263 RadNet, Inc. (NASDAQ:RDNT)

Edgestream Partners L.P. acquired a new stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 56,263 shares of the medical research company's stock, valued at approximately $2,797,000. Edgestream Partners L.P. owned approximately 0.08% of RadNet at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of RadNet by 22.3% during the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after buying an additional 300 shares during the last quarter. Tower Research Capital LLC TRC raised its position in RadNet by 42.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after purchasing an additional 422 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in RadNet in the fourth quarter valued at about $105,000. Twin Tree Management LP bought a new position in RadNet in the fourth quarter valued at about $106,000. Finally, Aquatic Capital Management LLC acquired a new stake in shares of RadNet in the fourth quarter valued at about $187,000. 77.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at RadNet

In other news, COO Norman R. Hames sold 5,536 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $60.00, for a total value of $332,160.00. Following the completion of the transaction, the chief operating officer directly owned 249,183 shares in the company, valued at approximately $14,950,980. This represents a 2.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $56.48, for a total value of $3,106,400.00. Following the completion of the transaction, the executive vice president owned 1,160,509 shares of the company's stock, valued at $65,545,548.32. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,447 shares of company stock valued at $3,613,220. 5.60% of the stock is owned by company insiders.

RadNet Stock Performance

NASDAQ:RDNT traded down $1.35 during trading hours on Friday, reaching $57.49. The stock had a trading volume of 1,352,954 shares, compared to its average volume of 689,569. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.01 and a current ratio of 2.01. The stock has a 50 day simple moving average of $57.29 and a 200 day simple moving average of $56.96. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The stock has a market cap of $4.31 billion, a P/E ratio of -133.69 and a beta of 1.41.

Wall Street Analyst Weigh In

RDNT has been the subject of several recent analyst reports. B. Riley initiated coverage on RadNet in a research note on Friday, June 13th. They set a "buy" rating and a $69.00 target price for the company. Truist Financial set a $74.00 price objective on RadNet in a research note on Thursday, July 10th. Wall Street Zen cut RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Finally, Barclays reduced their price objective on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, March 24th. One investment analyst has rated the stock with a sell rating, three have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $69.60.

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.