Jennison Associates LLC Acquires New Position in RadNet, Inc. (NASDAQ:RDNT)

Jennison Associates LLC bought a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 21,480 shares of the medical research company's stock, valued at approximately $1,490,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RDNT. Covestor Ltd lifted its holdings in shares of RadNet by 10,875.0% during the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company's stock worth $30,000 after acquiring an additional 435 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of RadNet by 774.2% in the 2nd 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 in the last quarter. GAMMA Investing LLC increased 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 purchasing an additional 370 shares during the last quarter. Highline Wealth Partners LLC purchased a new position in shares of RadNet during the 3rd quarter valued at about $68,000. Finally, Peterson Financial Group Inc. bought a new stake in RadNet in the 3rd quarter worth approximately $90,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Trading Up 0.9 %

Shares of RDNT stock traded up $0.74 during mid-day trading on Friday, reaching $82.04. The stock had a trading volume of 447,365 shares, compared to its average volume of 600,814. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock's 50-day moving average price is $71.01 and its two-hundred day moving average price is $64.12. The firm has a market capitalization of $6.07 billion, a PE ratio of -1,171.83 and a beta of 1.75. RadNet, Inc. has a 52-week low of $32.01 and a 52-week high of $93.65.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Sidoti upgraded shares of RadNet to a "strong-buy" rating in a report on Friday, October 4th. Jefferies Financial Group lifted their target price on shares of RadNet from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, September 19th. Barclays upgraded shares of RadNet from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $57.00 to $79.00 in a research report on Friday, September 6th. Finally, Truist Financial lifted their price objective on RadNet from $70.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, September 23rd. One analyst has rated the stock with a sell rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $74.75.

Insider Activity at RadNet

In related news, insider Ranjan Jayanathan sold 38,557 shares of RadNet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.12% of the stock is currently owned by company insiders.

RadNet Company 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.