Cerity Partners LLC Sells 74,507 Shares of RadNet, Inc. (NASDAQ:RDNT)

Cerity Partners LLC trimmed its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 33.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 149,200 shares of the medical research company's stock after selling 74,507 shares during the period. Cerity Partners LLC owned about 0.20% of RadNet worth $7,418,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in shares of RadNet by 50.3% during the first quarter. Envestnet Asset Management Inc. now owns 137,870 shares of the medical research company's stock valued at $6,855,000 after acquiring an additional 46,169 shares during the period. Penserra Capital Management LLC lifted its position in RadNet by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 202,901 shares of the medical research company's stock valued at $10,088,000 after purchasing an additional 59,018 shares during the period. Palisade Capital Management LP bought a new position in shares of RadNet in the 1st quarter valued at about $3,986,000. Teacher Retirement System of Texas bought a new position in shares of RadNet in the 1st quarter valued at about $457,000. Finally, WCM Investment Management LLC grew its position in shares of RadNet by 1.3% during the 1st quarter. WCM Investment Management LLC now owns 201,279 shares of the medical research company's stock worth $9,951,000 after buying an additional 2,598 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Trading Up 3.2%

RDNT traded up $1.80 during mid-day trading on Wednesday, hitting $57.26. The stock had a trading volume of 707,650 shares, compared to its average volume of 684,832. The stock's fifty day simple moving average is $57.16 and its 200-day simple moving average is $57.22. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of -133.16 and a beta of 1.41. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.01 and a quick ratio of 2.01.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other RadNet news, COO Norman R. Hames sold 2,911 shares of RadNet stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $60.00, for a total transaction of $174,660.00. Following the transaction, the chief operating officer directly owned 24,889 shares in the company, valued at approximately $1,493,340. The trade was a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the 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 sale, the executive vice president owned 1,160,509 shares of the company's stock, valued at $65,545,548.32. This trade represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,447 shares of company stock valued at $3,613,220. 5.60% of the stock is owned by corporate insiders.

RadNet 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.