RadNet, Inc. (NASDAQ:RDNT) Stake Increased by Jennison Associates LLC

Jennison Associates LLC increased its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 876.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 142,107 shares of the medical research company's stock after buying an additional 127,557 shares during the period. Jennison Associates LLC owned about 0.19% of RadNet worth $7,066,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Summit Investment Advisors Inc. increased its stake in shares of RadNet by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company's stock worth $483,000 after buying an additional 219 shares during the last quarter. Moran Wealth Management LLC increased its stake in shares of RadNet by 2.2% in the first quarter. Moran Wealth Management LLC now owns 10,643 shares of the medical research company's stock worth $529,000 after buying an additional 225 shares during the last quarter. Xponance Inc. increased its stake in shares of RadNet by 5.0% in the first quarter. Xponance Inc. now owns 5,010 shares of the medical research company's stock worth $249,000 after buying an additional 239 shares during the last quarter. Summit Financial LLC increased its stake in shares of RadNet by 2.4% in the fourth quarter. Summit Financial LLC now owns 11,111 shares of the medical research company's stock worth $776,000 after buying an additional 262 shares during the last quarter. Finally, 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 purchasing an additional 300 shares during the last quarter. Institutional investors own 77.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RDNT shares. Wall Street Zen lowered shares of RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. 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 for the company. Truist Financial set a $74.00 target price on shares of RadNet in a research note on Thursday, July 10th. Finally, Barclays lowered their target price 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 research 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $69.60.

Insider Activity

In related news, COO Norman R. Hames sold 2,911 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $60.00, for a total value 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 $1,493,340. This represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the company's stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 1,160,509 shares of the company's stock, valued at $65,545,548.32. The trade was a 4.52% 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. Corporate insiders own 5.60% of the company's stock.

RadNet Stock Performance

Shares of RDNT opened at $57.49 on Monday. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The company has a market cap of $4.31 billion, a price-to-earnings ratio of -133.69 and a beta of 1.41. 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 firm has a fifty day moving average of $57.29 and a 200-day moving average of $56.87.

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.

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