Y Intercept Hong Kong Ltd Acquires 12,895 Shares of RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Y Intercept Hong Kong Ltd significantly increased its stake in RadNet, acquiring 12,895 additional shares, resulting in a total holding of 17,671 shares valued at $879,000.
• Several institutional investors have entered or expanded their positions in RadNet, with Norges Bank making a notable purchase of approximately $56 million worth of shares.
• RadNet stock has recently seen varied analyst ratings, with consensus rating of "Buy" and an average target price of $69.60 despite some analysts lowering predictions to "sell."

Y Intercept Hong Kong Ltd raised its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 270.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,671 shares of the medical research company's stock after buying an additional 12,895 shares during the period. Y Intercept Hong Kong Ltd's holdings in RadNet were worth $879,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RDNT. Norges Bank bought a new position in shares of RadNet during the fourth quarter worth approximately $56,381,000. Raymond James Financial Inc. bought a new position in shares of RadNet during the fourth quarter worth approximately $33,090,000. T. Rowe Price Investment Management Inc. increased its stake in shares of RadNet by 79.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company's stock worth $63,813,000 after purchasing an additional 404,241 shares during the period. Tidal Investments LLC increased its stake in shares of RadNet by 7,219.2% during the fourth quarter. Tidal Investments LLC now owns 389,308 shares of the medical research company's stock worth $27,189,000 after purchasing an additional 383,989 shares during the period. Finally, Alyeska Investment Group L.P. increased its stake in shares of RadNet by 108.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 502,612 shares of the medical research company's stock worth $35,102,000 after purchasing an additional 261,711 shares during the period. Institutional investors own 77.90% of the company's stock.

Insiders Place Their Bets

In other RadNet news, EVP Alma Gregory Sorensen sold 55,000 shares of the firm's stock in a transaction on 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 transaction, the executive vice president owned 1,160,509 shares in the company, valued at $65,545,548.32. This trade represents a 4.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Norman R. Hames sold 5,536 shares of RadNet stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total value of $332,160.00. Following the completion of the transaction, the chief operating officer owned 249,183 shares in the company, valued at approximately $14,950,980. The trade was a 2.17% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,447 shares of company stock worth $3,613,220. Corporate insiders own 5.60% of the company's stock.

RadNet Price Performance

RadNet stock opened at $57.41 on Friday. The stock's fifty day moving average price is $57.04 and its two-hundred day moving average price is $56.57. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.01 and a quick ratio of 2.01. The firm has a market cap of $4.31 billion, a PE ratio of -133.51 and a beta of 1.41.

Analysts Set New Price Targets

RDNT has been the topic of a number of recent research reports. Wall Street Zen lowered RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Truist Financial set a $74.00 target price on RadNet in a research note on Thursday, July 10th. Finally, B. Riley started 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 assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $69.60.

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.

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