RadNet, Inc. (NASDAQ:RDNT) Short Interest Update

RadNet, Inc. (NASDAQ:RDNT) was the target of a significant increase in short interest in January. As of January 31st, there was short interest totalling 5,760,000 shares, an increase of 18.8% from the January 15th total of 4,850,000 shares. Based on an average trading volume of 670,300 shares, the short-interest ratio is presently 8.6 days.

Insider Buying and Selling

In other RadNet news, EVP David Jeffrey Katz sold 12,300 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $81.65, for a total transaction of $1,004,295.00. Following the transaction, the executive vice president now directly owns 62,909 shares in the company, valued at $5,136,519.85. This trade represents a 16.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ranjan Jayanathan sold 38,557 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 192,724 shares of the company’s stock, valued at approximately $15,417,920. This trade represents a 16.67 % decrease in their position. The disclosure for this sale can be found here. 5.12% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RadNet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of RadNet during the 4th quarter worth about $56,381,000. Raymond James Financial Inc. acquired a new position in RadNet during the fourth quarter valued at approximately $33,090,000. T. Rowe Price Investment Management Inc. grew its stake in RadNet by 79.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company’s stock valued at $63,813,000 after purchasing an additional 404,241 shares in the last quarter. Portolan Capital Management LLC increased 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 last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of RadNet by 30.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock worth $103,532,000 after purchasing an additional 344,146 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Stock Performance

RDNT stock traded down $1.19 during midday trading on Monday, hitting $61.33. The stock had a trading volume of 379,283 shares, compared to its average volume of 918,427. The stock has a 50-day simple moving average of $68.72 and a 200 day simple moving average of $69.06. 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 firm has a market capitalization of $4.54 billion, a price-to-earnings ratio of -876.02 and a beta of 1.79. RadNet has a 52 week low of $36.47 and a 52 week high of $93.65.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Barclays decreased their price objective on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a report on Wednesday, January 22nd. Jefferies Financial Group cut their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $88.00 price target (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.50.

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.