Short Interest in RadNet, Inc. (NASDAQ:RDNT) Increases By 18.8%

RadNet, Inc. (NASDAQ:RDNT) was the recipient of a large growth in short interest in January. As of January 31st, there was short interest totalling 5,760,000 shares, a growth of 18.8% from the January 15th total of 4,850,000 shares. Based on an average daily trading volume, of 670,300 shares, the days-to-cover ratio is presently 8.6 days.

RadNet Trading Down 1.9 %

RDNT stock traded down $1.19 during mid-day trading on Friday, reaching $61.33. The company had a trading volume of 379,283 shares, compared to its average volume of 918,427. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The firm has a 50 day moving average of $68.72 and a 200 day moving average of $68.99. RadNet has a 12 month low of $36.47 and a 12 month high of $93.65.

Analyst Ratings Changes

RDNT has been the topic of a number of recent analyst reports. Jefferies Financial Group reduced their price objective 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. Barclays reduced their price objective on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 22nd. Finally, Truist Financial reissued a “buy” rating and issued a $88.00 price objective (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, RadNet presently has an average rating of “Moderate Buy” and a consensus target price of $75.50.

Insider Activity

In other news, insider Ranjan Jayanathan sold 38,557 shares of the company’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 in the company, valued at approximately $15,417,920. This represents a 16.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Jeffrey Katz sold 12,300 shares of the stock in a transaction dated 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 directly owns 62,909 shares in the company, valued at $5,136,519.85. This trade represents a 16.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.12% of the company’s stock.

Hedge Funds Weigh In On RadNet

A number of hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp boosted its stake in shares of RadNet by 16.5% during the fourth quarter. Northern Trust Corp now owns 772,088 shares of the medical research company’s stock valued at $53,923,000 after purchasing an additional 109,093 shares in the last quarter. NewGen Asset Management Ltd boosted its stake in shares of RadNet by 48.6% during the fourth quarter. NewGen Asset Management Ltd now owns 43,200 shares of the medical research company’s stock valued at $3,017,000 after purchasing an additional 14,130 shares in the last quarter. Aquatic Capital Management LLC bought a new position in shares of RadNet during the fourth quarter valued at approximately $187,000. Susquehanna Fundamental Investments LLC bought a new position in shares of RadNet during the fourth quarter valued at approximately $572,000. Finally, Hood River Capital Management LLC boosted its stake in shares of RadNet by 3.1% during the fourth quarter. Hood River Capital Management LLC now owns 1,322,879 shares of the medical research company’s stock valued at $92,390,000 after purchasing an additional 39,881 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors.

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.