RadNet, Inc. (NASDAQ:RDNT) Short Interest Update

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) was the target of a significant growth in short interest in January. As of January 15th, there was short interest totalling 4,850,000 shares, a growth of 20.9% from the December 31st total of 4,010,000 shares. Based on an average daily volume of 617,500 shares, the days-to-cover ratio is presently 7.9 days.

RadNet Price Performance

Shares of NASDAQ:RDNT traded down $1.59 on Friday, hitting $62.77. The stock had a trading volume of 625,481 shares, compared to its average volume of 849,803. RadNet has a twelve month low of $35.16 and a twelve month 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 firm's 50 day moving average price is $71.00 and its 200-day moving average price is $68.95. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of -896.59 and a beta of 1.79.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RDNT shares. Barclays reduced their price objective on shares of RadNet from $85.00 to $74.00 and set an "overweight" rating for the company in a research note on Wednesday, January 22nd. Truist Financial reaffirmed a "buy" rating and set a $88.00 target price (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Finally, Jefferies Financial Group dropped their target price on shares of RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, January 15th. 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $75.50.

Insider Transactions at RadNet

In related news, insider Ranjan Jayanathan sold 38,557 shares of the firm's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $80.00, for a total transaction of $3,084,560.00. Following the transaction, the insider now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $1,004,295.00. Following the transaction, the executive vice president now directly owns 62,909 shares in the company, valued at approximately $5,136,519.85. The trade was a 16.35 % decrease in their position. The disclosure for this sale can be found here. 5.12% of the stock is owned by insiders.

Institutional Investors Weigh In On RadNet

Several institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in RadNet during the 4th quarter worth about $33,090,000. Portolan Capital Management LLC lifted its position in RadNet by 384.8% during the 3rd quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company's stock valued at $34,095,000 after purchasing an additional 390,011 shares during the period. Allspring Global Investments Holdings LLC lifted its position in RadNet by 30.4% during the 4th 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 purchasing an additional 344,146 shares during the period. Harbor Capital Advisors Inc. lifted its position in RadNet by 130.5% during 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 period. Finally, Cerity Partners LLC lifted its position in RadNet by 131.4% during the 3rd quarter. Cerity Partners LLC now owns 387,536 shares of the medical research company's stock valued at $26,891,000 after purchasing an additional 220,068 shares during the period. Institutional investors and hedge funds own 77.90% of the company's stock.

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.