Palisade Capital Management LP Acquires New Holdings in RadNet, Inc. (NASDAQ:RDNT)

Palisade Capital Management LP acquired a new position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 80,178 shares of the medical research company's stock, valued at approximately $3,986,000. Palisade Capital Management LP owned 0.11% of RadNet as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC increased its stake in RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock valued at $82,000 after acquiring an additional 300 shares during the period. Smartleaf Asset Management LLC increased its position 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 purchasing an additional 1,063 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of 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 in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of RadNet in the fourth quarter valued at $105,000. Finally, Twin Tree Management LP bought a new position in RadNet in the fourth quarter worth $106,000. Institutional investors and hedge funds own 77.90% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RDNT shares. Barclays dropped their price objective on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, March 24th. Truist Financial cut their price target on shares of RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Wall Street Zen lowered RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Finally, B. Riley started coverage on RadNet in a research report on Friday, June 13th. They set a "buy" rating and a $69.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $69.60.

RadNet Price Performance

Shares of NASDAQ RDNT traded up $0.51 during mid-day trading on Friday, hitting $56.16. 251,969 shares of the stock were exchanged, compared to its average volume of 682,890. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The stock's fifty day simple moving average is $56.64 and its two-hundred day simple moving average is $58.11. 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 company has a market cap of $4.21 billion, a P/E ratio of -130.60 and a beta of 1.41.

Insider Transactions at RadNet

In other RadNet news, COO Norman R. Hames sold 5,536 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $332,160.00. Following the sale, the chief operating officer owned 249,183 shares of the company's stock, valued at $14,950,980. This represents a 2.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $3,106,400.00. Following the transaction, the executive vice president owned 1,160,509 shares in the company, 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. Insiders sold 63,447 shares of company stock valued at $3,613,220 over the last ninety days. 5.60% of the stock is currently owned by company insiders.

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.