Allspring Global Investments Holdings LLC Buys 213,280 Shares of RadNet, Inc. (NASDAQ:RDNT)

Allspring Global Investments Holdings LLC increased its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 14.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,689,275 shares of the medical research company's stock after buying an additional 213,280 shares during the quarter. Allspring Global Investments Holdings LLC owned about 2.28% of RadNet worth $85,511,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised 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 in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of RadNet by 377.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock valued at $96,000 after acquiring an additional 1,063 shares during the period. Tower Research Capital LLC TRC raised its holdings in RadNet by 42.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after purchasing an additional 422 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of RadNet in the fourth quarter valued at $105,000. Finally, Twin Tree Management LP bought a new stake in RadNet during the fourth quarter worth approximately $106,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at RadNet

In other RadNet news, EVP Alma Gregory Sorensen sold 55,000 shares of the company's stock in a transaction that occurred on 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 now owns 1,160,509 shares of the company's stock, valued at $65,545,548.32. This represents a 4.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Norman R. Hames sold 2,911 shares of RadNet stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $60.00, for a total value of $174,660.00. Following the sale, the chief operating officer now directly owns 24,889 shares in the company, valued at $1,493,340. The trade was a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 63,447 shares of company stock worth $3,613,220 over the last three months. 5.60% of the stock is currently owned by insiders.

RadNet Stock Performance

Shares of NASDAQ RDNT traded up $0.29 during trading hours on Monday, hitting $57.41. 45,847 shares of the stock were exchanged, compared to its average volume of 677,704. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The company's 50 day moving average is $55.94 and its 200 day moving average is $58.59. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.01 and a quick ratio of 2.01. The firm has a market capitalization of $4.31 billion, a P/E ratio of -132.88 and a beta of 1.43.

Analysts Set New Price Targets

Several research analysts have commented on RDNT shares. B. Riley began coverage on shares of RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 target price for the company. Barclays reduced their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, March 24th. Raymond James Financial upgraded RadNet from an "outperform" rating to a "strong-buy" rating and lowered their price target for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. Truist Financial reduced their price objective on RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Wall Street Zen cut RadNet from a "hold" rating to a "sell" rating in a research note on Sunday. One research analyst has rated the stock with a sell rating, three have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $69.60.

About RadNet

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.