Everence Capital Management Inc. Reduces Position in RadNet, Inc. (NASDAQ:RDNT)

Everence Capital Management Inc. decreased its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 65.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,960 shares of the medical research company's stock after selling 7,360 shares during the period. Everence Capital Management Inc.'s holdings in RadNet were worth $277,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in RDNT. Portolan Capital Management LLC raised its holdings in RadNet by 384.8% during the third quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company's stock worth $34,095,000 after purchasing an additional 390,011 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of RadNet by 130.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 402,205 shares of the medical research company's stock valued at $27,909,000 after purchasing an additional 227,713 shares during the last quarter. Cerity Partners LLC boosted its position in RadNet by 131.4% during the third quarter. Cerity Partners LLC now owns 387,536 shares of the medical research company's stock worth $26,891,000 after purchasing an additional 220,068 shares during the period. JB Capital Partners LP grew its stake in RadNet by 15.9% in the 3rd 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 last quarter. Finally, Clearbridge Investments LLC increased its stake in shares of RadNet by 33.9% in the second quarter. Clearbridge Investments LLC now owns 732,527 shares of the medical research company's stock worth $43,160,000 after purchasing an additional 185,523 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at RadNet

In other RadNet news, insider Ranjan Jayanathan sold 38,557 shares of RadNet stock in a transaction 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 sale, the insider now directly owns 192,724 shares of the company's stock, valued at approximately $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 accessible 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 value of $1,004,295.00. Following the transaction, the executive vice president now directly owns 62,909 shares in the company, valued at $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 insiders.

RadNet Stock Performance

NASDAQ:RDNT traded down $0.18 during mid-day trading on Wednesday, hitting $72.25. 415,046 shares of the stock were exchanged, compared to its average volume of 450,426. RadNet, Inc. has a fifty-two week low of $35.08 and a fifty-two week high of $93.65. 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 stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of -1,032.00 and a beta of 1.79. The firm's 50-day simple moving average is $76.16 and its 200 day simple moving average is $68.21.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RDNT shares. Barclays boosted their price objective on RadNet from $79.00 to $85.00 and gave the company an "overweight" rating in a research report on Wednesday, December 4th. Truist Financial boosted their price objective on RadNet from $80.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, November 29th. Jefferies Financial Group raised their price target on shares of RadNet from $82.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, December 5th. Finally, Sidoti upgraded shares of RadNet to a "strong-buy" rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $84.75.

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.