Picton Mahoney Asset Management Boosts Stock Position in RadNet, Inc. (NASDAQ:RDNT)

Picton Mahoney Asset Management increased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 20.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 218,374 shares of the medical research company's stock after acquiring an additional 36,551 shares during the quarter. Picton Mahoney Asset Management owned approximately 0.29% of RadNet worth $15,251,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of RDNT. Raymond James Financial Inc. bought a new stake in RadNet during the fourth quarter worth $33,090,000. Portolan Capital Management LLC raised its stake in shares of RadNet by 384.8% in the third quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company's stock valued at $34,095,000 after buying an additional 390,011 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of RadNet by 30.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company's stock valued at $103,532,000 after buying an additional 344,146 shares during the period. Cerity Partners LLC raised its stake in shares of RadNet by 131.4% in the third quarter. Cerity Partners LLC now owns 387,536 shares of the medical research company's stock valued at $26,891,000 after buying an additional 220,068 shares during the period. Finally, JB Capital Partners LP raised its stake 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 buying an additional 206,850 shares during the period. 77.90% of the stock is currently owned by institutional investors.

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Insider Buying and Selling

In other news, Director David L. Swartz sold 25,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the completion of the transaction, the director now directly owns 174,067 shares in the company, valued at approximately $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 can be accessed through this link. Also, CEO Cornelis Wesdorp sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total value of $105,160.00. Following the completion of the transaction, the chief executive officer now owns 58,995 shares of the company's stock, valued at $3,101,957.10. The trade was a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,000 shares of company stock worth $1,426,680 over the last ninety days. 5.12% of the stock is owned by corporate insiders.

RadNet Price Performance

RadNet stock traded up $2.26 during midday trading on Wednesday, hitting $50.71. 1,232,172 shares of the company's stock were exchanged, compared to its average volume of 614,802. RadNet, Inc. has a 52-week low of $44.08 and a 52-week high of $93.65. The stock has a 50-day moving average price of $60.05 and a two-hundred day moving average price of $67.82. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The company has a market cap of $3.75 billion, a P/E ratio of -724.33 and a beta of 1.85.

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

Analyst Ratings Changes

Several analysts have issued reports on RDNT shares. StockNews.com upgraded RadNet to a "sell" rating in a research note on Wednesday. Truist Financial restated a "buy" rating and issued a $88.00 target price (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Barclays lowered their target price on RadNet from $85.00 to $74.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 22nd. Jefferies Financial Group decreased their price objective on RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, January 15th. Finally, Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and decreased their price objective for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. One research 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 company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $76.75.

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.