Royce & Associates LP Has $6.29 Million Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Royce & Associates LP increased its stake in RadNet by 24.1% during the first quarter, holding approximately $6.29 million worth of shares.
• Institutional investors dominate RadNet, owning 77.90% of the company's stock, with several firms making significant changes to their positions recently.
• RadNet's current stock price has increased by 2.5%, with the company receiving mixed analyst ratings and a consensus target price of $69.60.

Royce & Associates LP increased its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 24.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 126,549 shares of the medical research company's stock after acquiring an additional 24,560 shares during the quarter. Royce & Associates LP owned about 0.17% of RadNet worth $6,292,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in RDNT. Brookwood Investment Group LLC bought a new stake in RadNet in the first quarter valued at about $1,377,000. Legato Capital Management LLC lifted its position in RadNet by 55.6% during the 1st quarter. Legato Capital Management LLC now owns 15,616 shares of the medical research company's stock worth $776,000 after buying an additional 5,581 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in RadNet during the 1st quarter worth about $2,120,000. Y Intercept Hong Kong Ltd lifted its position in RadNet by 270.0% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 17,671 shares of the medical research company's stock worth $879,000 after buying an additional 12,895 shares in the last quarter. Finally, Guidance Capital Inc. lifted its position in shares of RadNet by 19.8% during the first quarter. Guidance Capital Inc. now owns 8,728 shares of the medical research company's stock worth $466,000 after purchasing an additional 1,442 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company's stock.

RadNet Stock Up 2.5%

Shares of NASDAQ:RDNT opened at $57.41 on Friday. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. 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 capitalization of $4.31 billion, a PE ratio of -133.51 and a beta of 1.41. The company has a 50 day moving average price of $57.04 and a two-hundred day moving average price of $56.46.

Analysts Set New Price Targets

RDNT has been the topic of a number of research reports. Truist Financial set a $74.00 target price on shares of RadNet in a research report on Thursday, July 10th. Wall Street Zen downgraded shares of RadNet from a "hold" rating to a "sell" rating in a research report on Sunday, June 29th. Finally, B. Riley initiated coverage on shares of RadNet in a research report 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $69.60.

Insider Activity at RadNet

In other RadNet 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 sale, the executive vice president owned 1,160,509 shares of the company's stock, valued at approximately $65,545,548.32. This represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Norman R. Hames sold 2,911 shares of the company's stock in a transaction that occurred 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 directly owned 24,889 shares of the company's stock, valued at $1,493,340. The trade was 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.

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.

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