Jennison Associates LLC Invests $1.49 Million in RadNet, Inc. (NASDAQ:RDNT)

Jennison Associates LLC purchased a new stake in RadNet, Inc. (NASDAQ:RDNT) during the third quarter, according to its most recent filing with the SEC. The firm purchased 21,480 shares of the medical research company’s stock, valued at approximately $1,490,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RDNT. Segall Bryant & Hamill LLC raised its holdings in RadNet by 75.9% in the third quarter. Segall Bryant & Hamill LLC now owns 209,582 shares of the medical research company’s stock worth $14,543,000 after purchasing an additional 90,443 shares during the period. Pathstone Holdings LLC increased its position in shares of RadNet by 58.5% in the 3rd quarter. Pathstone Holdings LLC now owns 27,503 shares of the medical research company’s stock valued at $1,908,000 after buying an additional 10,151 shares in the last quarter. Peterson Financial Group Inc. acquired a new stake in RadNet during the 3rd quarter worth $90,000. Sawgrass Asset Management LLC bought a new position in RadNet during the third quarter worth about $207,000. Finally, Natixis Advisors LLC grew its stake in RadNet by 11.4% in the third quarter. Natixis Advisors LLC now owns 22,530 shares of the medical research company’s stock valued at $1,563,000 after acquiring an additional 2,305 shares during the period. Institutional investors own 77.90% of the company’s stock.

RadNet Price Performance

Shares of RDNT opened at $82.04 on Friday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a twelve month low of $32.01 and a twelve month high of $93.65. The stock has a market capitalization of $6.07 billion, a P/E ratio of -1,171.83 and a beta of 1.75. The company has a 50 day moving average of $71.01 and a 200-day moving average of $64.04.

Analysts Set New Price Targets

RDNT has been the topic of a number of research analyst reports. Jefferies Financial Group raised their price target on RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Sidoti raised shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Truist Financial increased their price objective on shares of RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Finally, Barclays upgraded shares of RadNet from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $57.00 to $79.00 in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $74.75.

Insider Buying and Selling

In other RadNet news, insider Ranjan Jayanathan sold 38,557 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 192,724 shares of the company’s stock, valued at $15,417,920. The trade was a 16.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 5.12% of the stock is currently owned by corporate insiders.

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.