Zions Bancorporation National Association UT Makes New Investment in RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Zions Bancorporation has acquired a new position in RadNet, Inc., purchasing 34,877 shares valued at approximately $1.73 million.
• Several institutional investors, including Citigroup and US Bancorp, significantly increased their holdings in RadNet during the 1st quarter, reflecting growing interest in the company.
• The stock has an average price target of $69.60 with multiple analysts rating it as a "buy," despite one downgrade to "sell."

Zions Bancorporation National Association UT acquired a new position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 34,877 shares of the medical research company's stock, valued at approximately $1,734,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Citigroup Inc. increased its holdings in RadNet by 74.7% during the 1st quarter. Citigroup Inc. now owns 312,616 shares of the medical research company's stock worth $15,543,000 after purchasing an additional 133,682 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of RadNet in the 1st quarter valued at approximately $28,000. Scotia Capital Inc. increased its holdings in shares of RadNet by 25.5% in the 1st quarter. Scotia Capital Inc. now owns 35,632 shares of the medical research company's stock valued at $1,772,000 after acquiring an additional 7,234 shares during the last quarter. US Bancorp DE increased its holdings in shares of RadNet by 4,620.8% in the 1st quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock valued at $181,000 after acquiring an additional 3,558 shares during the last quarter. Finally, Modera Wealth Management LLC bought a new stake in shares of RadNet in the 1st quarter valued at approximately $218,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Truist Financial set a $74.00 price target on RadNet in a report on Thursday, July 10th. B. Riley assumed coverage on RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 price target for the company. Finally, Wall Street Zen downgraded RadNet from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. 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. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $69.60.

RadNet Price Performance

Shares of RDNT opened at $53.36 on Friday. The company has a market cap of $4.00 billion, a P/E ratio of -124.09 and a beta of 1.43. The stock has a fifty day moving average price of $56.58 and a 200 day moving average price of $55.85. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.01 and a quick ratio of 2.01. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $93.65.

Insiders Place Their Bets

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

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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