Connective Portfolio Management LLC Makes New $2.18 Million Investment in RadNet, Inc. (NASDAQ:RDNT)

Connective Portfolio Management LLC acquired a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 31,165 shares of the medical research company’s stock, valued at approximately $2,177,000. RadNet accounts for approximately 3.2% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 9th largest position.

Several other hedge funds also recently made changes to their positions in RDNT. USA Financial Formulas acquired a new position in shares of RadNet in the 4th quarter worth $30,000. Covestor Ltd increased its stake in RadNet by 10,875.0% in the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock worth $30,000 after purchasing an additional 435 shares in the last quarter. Highline Wealth Partners LLC acquired a new stake in RadNet during the 3rd quarter worth about $68,000. Peterson Financial Group Inc. purchased a new stake in RadNet during the third quarter valued at about $90,000. Finally, GAMMA Investing LLC boosted its holdings in shares of RadNet by 57.3% in the third quarter. GAMMA Investing LLC now owns 1,361 shares of the medical research company’s stock worth $94,000 after buying an additional 496 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Truist Financial boosted their price target on shares of RadNet from $80.00 to $94.00 and gave the company a “buy” rating in a report on Friday, November 29th. Sidoti raised shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Jefferies Financial Group decreased their target price on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Barclays lifted their price target on RadNet from $79.00 to $85.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. One 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.75.

RadNet Stock Performance

Shares of RDNT opened at $61.74 on Thursday. The company has a market capitalization of $4.57 billion, a PE ratio of -881.87 and a beta of 1.79. 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 company’s 50 day moving average price is $76.22 and its 200 day moving average price is $68.54. RadNet, Inc. has a 52 week low of $35.16 and a 52 week high of $93.65.

Insider Activity

In related news, EVP David Jeffrey Katz sold 12,300 shares of RadNet stock in a transaction on Monday, November 25th. The stock was sold at an average price of $81.65, for a total transaction of $1,004,295.00. Following the completion of the sale, the executive vice president now 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $3,084,560.00. Following the completion of the transaction, the insider now owns 192,724 shares in the company, valued at $15,417,920. This trade represents a 16.67 % decrease in their position. The disclosure for this sale can be found here. 5.12% of the stock is currently owned by corporate insiders.

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.