Ranjan Jayanathan Sells 38,557 Shares of RadNet, Inc. (NASDAQ:RDNT) Stock

RadNet, Inc. (NASDAQ:RDNT) insider Ranjan Jayanathan sold 38,557 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total value of $3,084,560.00. Following the completion of the transaction, the insider now owns 192,724 shares of the company’s stock, valued at $15,417,920. This trade represents a 16.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

RadNet Trading Down 0.6 %

NASDAQ:RDNT traded down $0.53 during trading hours on Thursday, hitting $81.63. The company had a trading volume of 214,212 shares, compared to its average volume of 553,412. RadNet, Inc. has a 1 year low of $32.00 and a 1 year high of $93.65. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The company has a 50-day moving average of $70.44 and a 200 day moving average of $63.70. The company has a market cap of $6.04 billion, a P/E ratio of -1,173.55 and a beta of 1.75.

Hedge Funds Weigh In On RadNet

A number of institutional investors have recently bought and sold shares of RDNT. Allspring Global Investments Holdings LLC increased its position in shares of RadNet by 103.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,011,974 shares of the medical research company’s stock worth $59,626,000 after purchasing an additional 515,342 shares during the last quarter. 8 Knots Management LLC acquired a new position in shares of RadNet in the 1st quarter worth approximately $20,273,000. Portolan Capital Management LLC boosted its position in shares of RadNet by 384.8% during the 3rd quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company’s stock worth $34,095,000 after purchasing an additional 390,011 shares during the period. Vanguard Group Inc. increased its holdings in RadNet by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock valued at $223,862,000 after purchasing an additional 345,822 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in RadNet by 130.5% in the third quarter. Harbor Capital Advisors Inc. now owns 402,205 shares of the medical research company’s stock valued at $27,909,000 after purchasing an additional 227,713 shares during the period. 77.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RDNT. Jefferies Financial Group increased their price target on shares of RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Truist Financial raised their target price on RadNet from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Sidoti upgraded RadNet to a “strong-buy” rating in a research report on Friday, October 4th. Finally, Barclays upgraded RadNet from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $57.00 to $79.00 in a report on Friday, September 6th. One analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, RadNet has an average rating of “Moderate Buy” and a consensus target price of $74.75.

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.