RadNet, Inc. (NASDAQ:RDNT) Stake Boosted by Portolan Capital Management LLC

Portolan Capital Management LLC increased its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 384.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 491,358 shares of the medical research company’s stock after buying an additional 390,011 shares during the period. RadNet comprises about 2.5% of Portolan Capital Management LLC’s holdings, making the stock its 7th biggest position. Portolan Capital Management LLC owned about 0.66% of RadNet worth $34,095,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Covestor Ltd lifted its position in shares of RadNet by 10,875.0% during the third quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock worth $30,000 after acquiring an additional 435 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of RadNet by 774.2% in the second quarter. Nisa Investment Advisors LLC now owns 848 shares of the medical research company’s stock worth $50,000 after purchasing an additional 751 shares during the last quarter. GAMMA Investing LLC raised its position in shares of RadNet by 74.7% during the 2nd quarter. GAMMA Investing LLC now owns 865 shares of the medical research company’s stock valued at $51,000 after buying an additional 370 shares in the last quarter. Highline Wealth Partners LLC purchased a new stake in shares of RadNet during the 3rd quarter valued at $68,000. Finally, Peterson Financial Group Inc. purchased a new stake in shares of RadNet during the 3rd quarter valued at $90,000. Institutional investors own 77.90% of the company’s stock.

Insider Activity

In other RadNet news, insider Ranjan Jayanathan sold 38,557 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were 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 directly owns 192,724 shares in the company, valued at $15,417,920. This represents a 16.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP David Jeffrey Katz sold 12,300 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 62,909 shares of the company’s stock, valued at approximately $5,136,519.85. The trade was a 16.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.12% of the stock is owned by corporate insiders.

RadNet Stock Down 2.7 %

RDNT opened at $80.64 on Wednesday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average price of $72.88 and a 200-day moving average price of $65.47. RadNet, Inc. has a twelve month low of $33.44 and a twelve month high of $93.65. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of -1,151.84 and a beta of 1.77.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Barclays upgraded shares of RadNet from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $57.00 to $79.00 in a research report on Friday, September 6th. Truist Financial lifted their target price on shares of RadNet from $80.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, November 29th. Sidoti raised shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Finally, Jefferies Financial Group lifted their price target on shares of RadNet from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. One equities research 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.25.

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.