Picton Mahoney Asset Management Has $15.25 Million Position in RadNet, Inc. (NASDAQ:RDNT)

Picton Mahoney Asset Management increased its stake in RadNet, Inc. (NASDAQ:RDNT) by 20.1% in the 4th quarter, Holdings Channel reports. The firm owned 218,374 shares of the medical research company’s stock after purchasing an additional 36,551 shares during the period. Picton Mahoney Asset Management’s holdings in RadNet were worth $15,251,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC increased its position in RadNet by 6.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,728 shares of the medical research company’s stock worth $540,000 after buying an additional 479 shares during the period. Impact Capital Partners LLC bought a new position in RadNet in the 4th quarter worth approximately $357,000. Swiss National Bank increased its position in RadNet by 0.7% in the 4th quarter. Swiss National Bank now owns 123,600 shares of the medical research company’s stock worth $8,632,000 after buying an additional 900 shares during the period. HighTower Advisors LLC increased its position in RadNet by 11.9% in the 4th quarter. HighTower Advisors LLC now owns 8,797 shares of the medical research company’s stock worth $614,000 after buying an additional 936 shares during the period. Finally, AGF Management Ltd. increased its position in RadNet by 59.5% in the 4th quarter. AGF Management Ltd. now owns 238,035 shares of the medical research company’s stock worth $16,624,000 after buying an additional 88,795 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Price Performance

Shares of RDNT stock opened at $46.54 on Friday. The stock’s fifty day simple moving average is $61.00 and its 200 day simple moving average is $68.01. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of -664.76 and a beta of 1.85. RadNet, Inc. has a one year low of $42.45 and a one year high of $93.65.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. The business had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. On average, analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on RDNT. 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. Jefferies Financial Group lowered their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price objective for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Finally, Barclays lowered their price objective on RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $76.75.

Insider Activity at RadNet

In other RadNet news, Director David L. Swartz sold 25,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the transaction, the director now owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. The trade was a 12.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 1,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the completion of the transaction, the chief executive officer now directly owns 55,995 shares in the company, valued at approximately $2,828,867.40. This represents a 1.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,000 shares of company stock valued at $1,426,680 in the last 90 days. 5.12% of the stock is owned by corporate insiders.

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.