Penserra Capital Management LLC Boosts Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Penserra Capital Management LLC raised its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 41.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 202,901 shares of the medical research company's stock after buying an additional 59,018 shares during the period. Penserra Capital Management LLC owned about 0.27% of RadNet worth $10,088,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC raised 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 worth $82,000 after buying an additional 300 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after acquiring an additional 1,063 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of RadNet by 42.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after acquiring an additional 422 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of RadNet in the 4th quarter worth about $105,000. Finally, Twin Tree Management LP bought a new stake in shares of RadNet during the 4th quarter valued at about $106,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Stock Down 1.7%

NASDAQ RDNT traded down $0.94 during mid-day trading on Monday, hitting $55.26. The company's stock had a trading volume of 413,840 shares, compared to its average volume of 683,183. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.87. The company's 50 day simple moving average is $56.64 and its 200 day simple moving average is $57.92. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of -128.51 and a beta of 1.41.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RDNT. Wall Street Zen downgraded RadNet from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. Truist Financial dropped their target price on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. B. Riley started coverage on shares of RadNet in a research note on Friday, June 13th. They set a "buy" rating and a $69.00 target price on the stock. Finally, Barclays decreased their price target 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. One investment 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $69.60.

Insiders Place Their Bets

In related news, 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 transaction of $332,160.00. Following the transaction, the chief operating officer owned 249,183 shares of the company's stock, valued at $14,950,980. The trade was a 2.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alma Gregory Sorensen sold 55,000 shares of RadNet stock in a transaction 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 directly owned 1,160,509 shares in the company, valued at $65,545,548.32. This represents 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 worth $3,613,220 over the last ninety days. Insiders own 5.60% of the company's stock.

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.