RadNet (NASDAQ:RDNT) Sees Large Volume Increase - Here's What Happened

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 403,920 shares changed hands during mid-day trading, a decline of 25% from the previous session's volume of 538,614 shares.The stock last traded at $59.15 and had previously closed at $65.65.

Analysts Set New Price Targets

RDNT has been the subject of several analyst reports. Jefferies Financial Group decreased their price objective on shares of RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday. Truist Financial increased their price objective on shares of RadNet from $80.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, November 29th. Barclays increased their price objective on shares of RadNet from $79.00 to $85.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Finally, Sidoti raised 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 given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $79.75.

RadNet Stock Down 6.0 %

The stock's 50-day moving average price is $76.22 and its two-hundred day moving average price is $68.54. The stock has a market capitalization of $4.57 billion, a P/E ratio of -881.87 and a beta of 1.79. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89.

Insider Activity

In related news, EVP David Jeffrey Katz sold 12,300 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 62,909 shares of the company's stock, valued at approximately $5,136,519.85. This trade represents a 16.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ranjan Jayanathan sold 38,557 shares of the firm's 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 completion of the transaction, the insider now directly owns 192,724 shares of the company's stock, valued at approximately $15,417,920. This trade represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.12% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp boosted its holdings in RadNet by 1.3% in the 3rd quarter. State Street Corp now owns 2,446,179 shares of the medical research company's stock worth $169,740,000 after buying an additional 30,244 shares during the period. Geode Capital Management LLC boosted its holdings in RadNet by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,555,214 shares of the medical research company's stock valued at $107,936,000 after purchasing an additional 11,613 shares during the period. Principal Financial Group Inc. boosted its holdings in RadNet by 8.5% in the 3rd quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company's stock valued at $104,539,000 after purchasing an additional 118,501 shares during the period. JB Capital Partners LP boosted its holdings 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 purchasing an additional 206,850 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in RadNet by 11.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,131,849 shares of the medical research company's stock valued at $78,539,000 after purchasing an additional 119,875 shares during the period. 77.90% of the stock is owned by institutional investors.

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.