Covestor Ltd Purchases 435 Shares of RadNet, Inc. (NASDAQ:RDNT)

Covestor Ltd grew its position in RadNet, Inc. (NASDAQ:RDNT) by 10,875.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 439 shares of the medical research company’s stock after acquiring an additional 435 shares during the quarter. Covestor Ltd’s holdings in RadNet were worth $30,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of RDNT. Clearbridge Investments LLC bought a new stake in shares of RadNet in the 1st quarter worth approximately $26,617,000. Allspring Global Investments Holdings LLC lifted its position in shares of RadNet by 103.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,011,974 shares of the medical research company’s stock worth $59,626,000 after buying an additional 515,342 shares during the period. 8 Knots Management LLC bought a new position in shares of RadNet during the 1st quarter worth approximately $20,273,000. Vanguard Group Inc. lifted its position in shares of RadNet by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock worth $223,862,000 after buying an additional 345,822 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its position in shares of RadNet by 130.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 402,205 shares of the medical research company’s stock worth $27,909,000 after buying an additional 227,713 shares during the period. Institutional investors own 77.90% of the company’s stock.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $79.58 on Friday. The business’s 50 day moving average price is $68.94 and its two-hundred day moving average price is $62.78. The company has a market cap of $5.89 billion, a PE ratio of -1,136.69 and a beta of 1.75. The company has a quick ratio of 2.12, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a twelve month low of $31.36 and a twelve month high of $93.65.

Insider Activity

In other RadNet news, EVP Michael N. Murdock sold 15,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total transaction of $941,700.00. Following the completion of the sale, the executive vice president now directly owns 48,144 shares in the company, valued at $3,022,480.32. This represents a 23.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.12% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on RDNT. Sidoti upgraded RadNet to a “strong-buy” rating in a research report on Friday, October 4th. Jefferies Financial Group raised their target price on RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Barclays upgraded RadNet from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $57.00 to $79.00 in a research report on Friday, September 6th. Finally, Truist Financial raised their target price on RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, RadNet currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.75.

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.