Scotia Capital Inc. Grows Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Scotia Capital Inc. increased its holdings in RadNet, Inc. by 25.5%, owning 35,632 shares valued at approximately $1.77 million as of the end of the first quarter.
• Significant investment activity was noted, with several hedge funds including T. Rowe Price and Tidal Investments dramatically increasing their stakes in RadNet during the fourth quarter.
• RadNet's stock has a market cap of $4.16 billion, with its price currently around $55.46 and a 52-week high of $93.65, reflecting fluctuating investor sentiment.

Scotia Capital Inc. boosted its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 25.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 35,632 shares of the medical research company's stock after acquiring an additional 7,234 shares during the quarter. Scotia Capital Inc.'s holdings in RadNet were worth $1,772,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Rhumbline Advisers lifted its position in RadNet by 1.1% during the first quarter. Rhumbline Advisers now owns 175,776 shares of the medical research company's stock valued at $8,740,000 after purchasing an additional 1,895 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of RadNet by 22.3% during the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock valued at $82,000 after buying an additional 300 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of RadNet by 28.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,945 shares of the medical research company's stock valued at $345,000 after acquiring an additional 1,545 shares during the period. Envestnet Asset Management Inc. increased its holdings in RadNet by 50.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 137,870 shares of the medical research company's stock worth $6,855,000 after acquiring an additional 46,169 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in RadNet by 239.5% during the 1st quarter. SG Americas Securities LLC now owns 13,337 shares of the medical research company's stock worth $663,000 after acquiring an additional 9,409 shares during the period. Institutional investors own 77.90% of the company's stock.

Insider Buying and Selling at RadNet

In other RadNet news, COO Norman R. Hames sold 5,536 shares of the business's 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 sale, the chief operating officer directly 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 legal filing with the SEC, which is available through this link. Also, 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 sale, the executive vice president owned 1,160,509 shares in the company, valued at approximately $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. Insiders have sold 63,447 shares of company stock valued at $3,613,220 in the last quarter. 5.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of RadNet from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. Truist Financial set a $74.00 price objective on RadNet in a research note on Thursday, July 10th. Finally, B. Riley assumed coverage on RadNet in a research note on Friday, June 13th. They set a "buy" rating and a $69.00 target price on the stock. One analyst has rated the stock with a sell rating, three have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $69.60.

RadNet Price Performance

Shares of NASDAQ:RDNT traded down $2.50 during mid-day trading on Wednesday, reaching $52.96. The stock had a trading volume of 752,230 shares, compared to its average volume of 662,509. 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 has a market cap of $3.97 billion, a P/E ratio of -123.16 and a beta of 1.43. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The business's 50 day moving average price is $56.72 and its 200 day moving average price is $56.00.

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.