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Bank of New York Mellon Corp Sells 78,726 Shares of RadNet, Inc. (NASDAQ:RDNT)

RadNet logo with Medical background

Bank of New York Mellon Corp trimmed its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 15.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 417,434 shares of the medical research company's stock after selling 78,726 shares during the period. Bank of New York Mellon Corp owned about 0.56% of RadNet worth $20,755,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in shares of RadNet by 22.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,187 shares of the medical research company's stock valued at $223,000 after buying an additional 578 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of RadNet by 11.9% during the 4th quarter. HighTower Advisors LLC now owns 8,797 shares of the medical research company's stock valued at $614,000 after buying an additional 936 shares in the last quarter. Swiss National Bank lifted its position in shares of RadNet by 0.7% during the 4th quarter. Swiss National Bank now owns 123,600 shares of the medical research company's stock valued at $8,632,000 after buying an additional 900 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in shares of RadNet by 6.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 7,728 shares of the medical research company's stock valued at $540,000 after buying an additional 479 shares in the last quarter. Finally, Natixis Advisors LLC lifted its position in shares of RadNet by 8.9% during the 4th quarter. Natixis Advisors LLC now owns 24,539 shares of the medical research company's stock valued at $1,714,000 after buying an additional 2,009 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Price Performance

NASDAQ RDNT traded up $0.45 during trading hours on Monday, reaching $57.94. The company's stock had a trading volume of 793,664 shares, compared to its average volume of 689,986. The firm's 50-day moving average price is $57.29 and its 200-day moving average price is $56.87. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.87. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of -134.74 and a beta of 1.41.

Insider Buying and Selling

In other RadNet news, EVP Alma Gregory Sorensen sold 55,000 shares of RadNet 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 sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Norman R. Hames sold 5,536 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 $332,160.00. Following the completion of the sale, the chief operating officer directly owned 249,183 shares in the company, valued at approximately $14,950,980. The trade was a 2.17% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 63,447 shares of company stock worth $3,613,220. 5.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wall Street Zen cut RadNet from a "hold" rating to a "sell" rating in a research report on Sunday, June 29th. Barclays lowered their price objective on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, March 24th. B. Riley assumed coverage on RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 price target on the stock. Finally, Truist Financial set a $74.00 price target on RadNet in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating, three have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $69.60.

Get Our Latest Analysis on RadNet

About RadNet

(Free Report)

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.

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Institutional Ownership by Quarter for RadNet (NASDAQ:RDNT)

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