Harvest Investment Services LLC Grows Position in RadNet, Inc. (NASDAQ:RDNT)

Harvest Investment Services LLC boosted its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 94.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,522 shares of the medical research company's stock after purchasing an additional 14,327 shares during the quarter. Harvest Investment Services LLC's holdings in RadNet were worth $2,062,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new position in RadNet during the 4th quarter worth $30,000. Fifth Third Bancorp boosted its holdings in RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock worth $47,000 after acquiring an additional 305 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of RadNet by 377.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after acquiring an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of RadNet by 42.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after acquiring an additional 422 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of RadNet in the 4th quarter valued at approximately $105,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RDNT shares. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and cut their price target for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. Truist Financial reduced their target price on RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Barclays cut their price objective on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a report on Monday, March 24th. StockNews.com raised RadNet to a "sell" rating in a report on Wednesday, March 19th. Finally, Jefferies Financial Group cut their price target on shares of RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $69.75.

Insider Activity

In related news, Director David L. Swartz sold 25,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the transaction, the director now owns 174,067 shares in the company, valued at $8,849,566.28. This represents a 12.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Norman R. Hames sold 5,000 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the transaction, the chief operating officer now directly owns 261,959 shares in the company, valued at $13,042,938.61. This represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock worth $1,926,730 in the last quarter. Corporate insiders own 5.12% of the company's stock.

RadNet Stock Performance

Shares of NASDAQ:RDNT traded down $0.19 during trading on Friday, hitting $50.26. 581,287 shares of the stock traded hands, compared to its average volume of 663,412. 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 company has a fifty day moving average price of $51.93 and a two-hundred day moving average price of $64.55. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $93.65. The company has a market cap of $3.72 billion, a price-to-earnings ratio of -717.90 and a beta of 1.59.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The company had revenue of $477.10 million during the quarter, compared to analysts' expectations of $459.42 million. As a group, equities analysts predict that RadNet, Inc. will post 0.56 EPS for the current year.

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.