Geode Capital Management LLC Acquires 11,613 Shares of RadNet, Inc. (NASDAQ:RDNT)

Geode Capital Management LLC grew its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 0.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,555,214 shares of the medical research company’s stock after purchasing an additional 11,613 shares during the period. Geode Capital Management LLC owned about 2.10% of RadNet worth $107,936,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDNT. Allspring Global Investments Holdings LLC boosted its position in shares of RadNet by 103.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,011,974 shares of the medical research company’s stock valued at $59,626,000 after buying an additional 515,342 shares during the last quarter. Portolan Capital Management LLC lifted its stake in RadNet by 384.8% during the 3rd quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company’s stock valued at $34,095,000 after acquiring an additional 390,011 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in RadNet by 130.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 402,205 shares of the medical research company’s stock worth $27,909,000 after acquiring an additional 227,713 shares during the last quarter. Cerity Partners LLC grew its stake in shares of RadNet by 131.4% in the 3rd quarter. Cerity Partners LLC now owns 387,536 shares of the medical research company’s stock worth $26,891,000 after acquiring an additional 220,068 shares in the last quarter. Finally, JB Capital Partners LP raised its holdings in shares of RadNet by 15.9% in the third quarter. JB Capital Partners LP now owns 1,504,061 shares of the medical research company’s stock valued at $104,367,000 after purchasing an additional 206,850 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

Insider Activity at RadNet

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

RadNet Stock Down 5.4 %

RadNet stock opened at $72.41 on Thursday. The firm has a 50 day moving average price of $75.09 and a 200-day moving average price of $66.96. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a twelve month low of $33.44 and a twelve month high of $93.65. The company has a market capitalization of $5.36 billion, a P/E ratio of -1,034.28 and a beta of 1.77.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RDNT. Barclays boosted their price target on shares of RadNet from $79.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Jefferies Financial Group boosted their target price on RadNet from $82.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Truist Financial increased their price target on RadNet from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, November 29th. Finally, Sidoti raised RadNet to a “strong-buy” rating in a research report on Friday, October 4th. One 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $84.75.

RadNet 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.