RadNet, Inc. (NASDAQ:RDNT) Sees Significant Growth in Short Interest

RadNet, Inc. (NASDAQ:RDNT) was the recipient of a significant growth in short interest during the month of 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 trading volume, of 617,500 shares, the days-to-cover ratio is presently 7.9 days.

Insiders Place Their Bets

In other news, insider Ranjan Jayanathan sold 38,557 shares of RadNet stock in a transaction 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Jeffrey Katz sold 12,300 shares of RadNet stock in a transaction 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 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. Insiders own 5.12% of the company’s stock.

Institutional Investors Weigh In On RadNet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Navellier & Associates Inc. lifted its holdings in RadNet by 4.9% during the 4th quarter. Navellier & Associates Inc. now owns 9,501 shares of the medical research company’s stock worth $664,000 after buying an additional 440 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of RadNet by 11.9% in the 4th quarter. Handelsbanken Fonder AB now owns 16,900 shares of the medical research company’s stock valued at $1,180,000 after purchasing an additional 1,800 shares during the last quarter. Private Advisor Group LLC acquired a new position in RadNet during the fourth quarter worth approximately $261,000. Sanctuary Advisors LLC boosted its holdings in shares of RadNet by 10.4% in the fourth quarter. Sanctuary Advisors LLC now owns 3,352 shares of the medical research company’s stock valued at $228,000 after acquiring an additional 316 shares during the period. Finally, Legato Capital Management LLC grew its position in shares of RadNet by 40.1% during the fourth quarter. Legato Capital Management LLC now owns 10,035 shares of the medical research company’s stock worth $701,000 after acquiring an additional 2,870 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Price Performance

RadNet stock traded up $1.13 during trading on Monday, reaching $66.60. The company had a trading volume of 581,878 shares, compared to its average volume of 902,499. The firm has a market capitalization of $4.93 billion, a PE ratio of -951.29 and a beta of 1.79. The firm’s 50-day simple moving average is $72.25 and its 200 day simple moving average is $68.91. RadNet has a 1-year low of $35.16 and a 1-year 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.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on RDNT shares. Jefferies Financial Group lowered their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. Truist Financial reissued a “buy” rating and issued a $88.00 price target (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Finally, Barclays decreased their price target on RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, RadNet presently has an average rating of “Moderate Buy” and a consensus target price of $75.50.

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.