Connective Portfolio Management LLC Makes New $2.18 Million Investment in RadNet, Inc. (NASDAQ:RDNT)

Connective Portfolio Management LLC acquired a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 31,165 shares of the medical research company's stock, valued at approximately $2,177,000. RadNet comprises about 3.2% of Connective Portfolio Management LLC's holdings, making the stock its 9th biggest holding.

Several other large investors also recently added to or reduced their stakes in RDNT. Envestnet Asset Management Inc. raised its stake in shares of RadNet by 3.9% in the second quarter. Envestnet Asset Management Inc. now owns 93,391 shares of the medical research company's stock worth $5,503,000 after buying an additional 3,521 shares during the period. WINTON GROUP Ltd purchased a new position in RadNet during the second quarter valued at approximately $353,000. Intech Investment Management LLC bought a new position in shares of RadNet in the second quarter worth approximately $446,000. Public Employees Retirement Association of Colorado purchased a new stake in shares of RadNet in the second quarter worth $331,000. Finally, Sei Investments Co. raised its position in shares of RadNet by 139.9% during the 2nd quarter. Sei Investments Co. now owns 158,123 shares of the medical research company's stock valued at $9,317,000 after purchasing an additional 92,224 shares during the period. 77.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RDNT has been the subject of several recent analyst reports. Truist Financial upped their target price on shares of RadNet from $80.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, November 29th. Barclays increased their target price on RadNet from $79.00 to $85.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 4th. Jefferies Financial Group lowered their price target on RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Sidoti raised shares of RadNet to a "strong-buy" rating in a report on Friday, October 4th. 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. According to data from MarketBeat, RadNet presently has a consensus rating of "Moderate Buy" and a consensus price target of $79.75.

Insider Activity at RadNet

In other news, EVP David Jeffrey Katz sold 12,300 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $81.65, for a total value of $1,004,295.00. Following the completion of the sale, the executive vice president now owns 62,909 shares in the company, valued at approximately $5,136,519.85. This trade represents a 16.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ranjan Jayanathan sold 38,557 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $80.00, for a total transaction of $3,084,560.00. Following the transaction, the insider now 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 disclosure for this sale can be found here. 5.12% of the stock is owned by insiders.

RadNet Price Performance

RadNet stock traded down $1.06 during midday trading on Thursday, reaching $60.69. 577,575 shares of the stock traded hands, compared to its average volume of 769,263. 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 12 month low of $35.16 and a 12 month high of $93.65. The stock's fifty day moving average is $76.22 and its 200-day moving average is $68.54. The stock has a market cap of $4.49 billion, a P/E ratio of -867.73 and a beta of 1.79.

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.