Envestnet Asset Management Inc. Has $6.86 Million Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Envestnet Asset Management Inc. lifted its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 50.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 137,870 shares of the medical research company's stock after purchasing an additional 46,169 shares during the period. Envestnet Asset Management Inc. owned 0.19% of RadNet worth $6,855,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in RDNT. Norges Bank bought a new position in RadNet in the 4th quarter worth approximately $56,381,000. Raymond James Financial Inc. acquired a new position in RadNet in the 4th quarter valued at approximately $33,090,000. T. Rowe Price Investment Management Inc. raised its holdings in RadNet by 79.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company's stock valued at $63,813,000 after acquiring an additional 404,241 shares in the last quarter. Tidal Investments LLC raised its holdings in RadNet by 7,219.2% in the 4th quarter. Tidal Investments LLC now owns 389,308 shares of the medical research company's stock valued at $27,189,000 after acquiring an additional 383,989 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its holdings in RadNet by 108.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 502,612 shares of the medical research company's stock valued at $35,102,000 after acquiring an additional 261,711 shares in the last quarter. Institutional investors own 77.90% of the company's stock.

Insider Activity

In other RadNet news, EVP Alma Gregory Sorensen sold 55,000 shares of RadNet 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 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 position. The transaction was disclosed in a document filed 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 dated Thursday, May 15th. The shares were 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 $14,950,980. This represents a 2.17% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,447 shares of company stock worth $3,613,220. Corporate insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

RDNT has been the topic of several analyst reports. B. Riley initiated coverage on RadNet in a research note on Friday, June 13th. They issued a "buy" rating and a $69.00 price objective on the stock. Wall Street Zen lowered RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Finally, Truist Financial set a $74.00 price target on RadNet in a research report on Thursday, July 10th. One analyst has rated the stock with a sell rating, three have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $69.60.

RadNet Trading Up 2.5%

Shares of RDNT stock traded up $1.42 during trading hours on Friday, reaching $57.41. The company had a trading volume of 487,475 shares, compared to its average volume of 651,350. The company has a 50 day moving average of $57.04 and a 200 day moving average of $56.46. 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 cap of $4.31 billion, a price-to-earnings ratio of -133.51 and a beta of 1.41. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65.

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.