Harbor Capital Advisors Inc. Acquires 12,795 Shares of RadNet, Inc. (NASDAQ:RDNT)

Harbor Capital Advisors Inc. grew its holdings in RadNet, Inc. (NASDAQ:RDNT) by 3.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 415,000 shares of the medical research company’s stock after buying an additional 12,795 shares during the period. RadNet accounts for about 1.3% of Harbor Capital Advisors Inc.’s portfolio, making the stock its 3rd biggest holding. Harbor Capital Advisors Inc.’s holdings in RadNet were worth $28,984,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Covestor Ltd increased its position in RadNet by 10,875.0% during the third quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock worth $30,000 after acquiring an additional 435 shares during the period. Highline Wealth Partners LLC bought a new position in shares of RadNet during the third quarter worth approximately $68,000. Peterson Financial Group Inc. acquired a new stake in shares of RadNet in the third quarter valued at approximately $90,000. GAMMA Investing LLC boosted its stake 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 valued at $94,000 after buying an additional 496 shares during the period. Finally, Profund Advisors LLC bought a new position in RadNet during the 2nd quarter worth $207,000. Institutional investors own 77.90% of the company’s stock.

RadNet Stock Performance

RDNT stock traded down $2.71 during mid-day trading on Friday, hitting $69.54. The company had a trading volume of 132,873 shares, compared to its average volume of 394,844. The stock’s fifty day moving average price is $76.41 and its two-hundred day moving average price is $68.27. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet, Inc. has a 12 month low of $35.16 and a 12 month high of $93.65. The firm has a market cap of $5.15 billion, a PE ratio of -993.29 and a beta of 1.79.

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 stock was 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 $15,417,920. This represents a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP David Jeffrey Katz sold 12,300 shares of RadNet stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $81.65, for a total transaction of $1,004,295.00. Following the sale, the executive vice president now owns 62,909 shares of the company’s stock, valued at approximately $5,136,519.85. The trade was a 16.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RDNT shares. Jefferies Financial Group upped their target price on RadNet from $82.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Truist Financial boosted their target price on shares of RadNet from $80.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, November 29th. Barclays lifted their price objective on RadNet from $79.00 to $85.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, Sidoti raised RadNet to a “strong-buy” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, RadNet currently has a consensus rating of “Moderate Buy” and an average price target of $84.75.

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.