Sequoia Financial Advisors LLC Takes Position in RadNet, Inc. (NASDAQ:RDNT)

Sequoia Financial Advisors LLC purchased a new stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 112,528 shares of the medical research company's stock, valued at approximately $5,595,000. Sequoia Financial Advisors LLC owned 0.15% of RadNet at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in RDNT. GAMMA Investing LLC raised its position in shares of RadNet by 22.3% in the 1st 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. Smartleaf Asset Management LLC boosted its stake in RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after purchasing an additional 1,063 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in RadNet by 42.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after purchasing an additional 422 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in RadNet in the 4th quarter worth approximately $105,000. Finally, Twin Tree Management LP acquired a new stake in RadNet in the 4th quarter worth approximately $106,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RDNT has been the subject of a number of recent analyst reports. 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. Truist Financial cut their price objective on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Wall Street Zen raised RadNet from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Raymond James Financial raised RadNet from an "outperform" rating to a "strong-buy" rating and cut their price objective for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. Finally, B. Riley began coverage on RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 price objective on the stock. One analyst has rated the stock with a hold rating, three have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $69.60.

RadNet Stock Down 1.6%

Shares of RDNT stock opened at $57.12 on Friday. The stock's 50-day simple moving average is $55.94 and its 200-day simple moving average is $58.88. 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 market capitalization of $4.29 billion, a PE ratio of -132.83 and a beta of 1.43. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65.

Insider Buying and Selling

In related news, EVP Alma Gregory Sorensen sold 55,000 shares of the firm'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 sale, the executive vice president now directly owns 1,160,509 shares of the company's stock, valued at $65,545,548.32. This trade represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Norman R. Hames sold 2,911 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $60.00, for a total value of $174,660.00. Following the sale, the chief operating officer now directly owns 24,889 shares in the company, valued at approximately $1,493,340. This trade represents a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 63,447 shares of company stock valued at $3,613,220 over the last ninety days. Company insiders own 5.60% of the company's stock.

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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