Principal Financial Group Inc. reduced its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 7.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,330,577 shares of the medical research company's stock after selling 110,872 shares during the period. Principal Financial Group Inc. owned approximately 1.80% of RadNet worth $66,156,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in RadNet by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 7,425,218 shares of the medical research company's stock valued at $518,577,000 after buying an additional 71,910 shares in the last quarter. RTW Investments LP raised its stake in RadNet by 9.4% in the fourth quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company's stock valued at $138,184,000 after buying an additional 169,978 shares in the last quarter. Invesco Ltd. raised its stake in RadNet by 4.3% in the fourth quarter. Invesco Ltd. now owns 1,731,074 shares of the medical research company's stock valued at $120,898,000 after buying an additional 70,673 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in RadNet by 14.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,689,275 shares of the medical research company's stock valued at $85,511,000 after buying an additional 213,280 shares in the last quarter. Finally, Hood River Capital Management LLC raised its stake in RadNet by 3.1% in the fourth quarter. Hood River Capital Management LLC now owns 1,322,879 shares of the medical research company's stock valued at $92,390,000 after buying an additional 39,881 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.
RadNet Price Performance
RadNet stock traded up $0.51 during mid-day trading on Friday, hitting $56.16. The company's stock had a trading volume of 251,969 shares, compared to its average volume of 684,265. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $4.21 billion, a P/E ratio of -130.60 and a beta of 1.41. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The stock's fifty day moving average price is $56.64 and its two-hundred day moving average price is $58.02.
Insider Activity at RadNet
In other news, EVP Alma Gregory Sorensen sold 55,000 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $56.48, for a total value of $3,106,400.00. Following the completion of the transaction, the executive vice president 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Norman R. Hames sold 2,911 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $174,660.00. Following the completion of the sale, the chief operating officer owned 24,889 shares of the company's stock, valued at approximately $1,493,340. This represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 63,447 shares of company stock valued at $3,613,220 in the last ninety days. Insiders own 5.60% of the company's stock.
Wall Street Analysts Forecast Growth
RDNT has been the topic of a number of research analyst reports. Wall Street Zen cut RadNet from a "hold" rating to a "sell" rating in a research report on Sunday, June 29th. Barclays dropped their price target on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, March 24th. Truist Financial dropped their price target on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, B. Riley began coverage on RadNet in a research report on Friday, June 13th. They issued a "buy" rating and a $69.00 price target on the stock. 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, the company currently has a consensus rating of "Buy" and an average target price of $69.60.
Get Our Latest Stock 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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