Sequoia Financial Advisors LLC acquired a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 112,528 shares of the medical research company's stock, valued at approximately $5,595,000. Sequoia Financial Advisors LLC owned approximately 0.15% of RadNet at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC grew its holdings in RadNet by 22.3% in 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 period. Smartleaf Asset Management LLC raised its stake in shares of RadNet by 377.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after buying an additional 1,063 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after buying an additional 422 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in RadNet in the 4th quarter valued at $105,000. Finally, Twin Tree Management LP acquired a new stake in RadNet in the 4th quarter valued at $106,000. Institutional investors and hedge funds own 77.90% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on the stock. B. Riley began coverage on shares of RadNet in a research report on Friday, June 13th. They set a "buy" rating and a $69.00 price objective for the company. Truist Financial decreased their price target on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Raymond James Financial upgraded RadNet from an "outperform" rating to a "strong-buy" rating and lowered their price objective for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. Barclays reduced their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, March 24th. Finally, Wall Street Zen lowered RadNet from a "hold" rating to a "sell" rating in a research note on Sunday. One research analyst has rated the stock with a sell rating, three have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $69.60.
Read Our Latest Stock Analysis on RadNet
Insider Transactions at RadNet
In other RadNet news, COO Norman R. Hames sold 2,911 shares of RadNet stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $174,660.00. Following the transaction, 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 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, EVP Alma Gregory Sorensen sold 55,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were 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 approximately $65,545,548.32. This trade represents 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 three months. 5.60% of the stock is currently owned by insiders.
RadNet Price Performance
RDNT stock traded down $1.29 during mid-day trading on Tuesday, reaching $55.62. The company's stock had a trading volume of 720,330 shares, compared to its average volume of 682,058. 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 moving average is $56.28 and its two-hundred day moving average is $58.42. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The stock has a market cap of $4.17 billion, a PE ratio of -129.35 and a beta of 1.41.
RadNet Profile
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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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