Short Interest in RadNet, Inc. (NASDAQ:RDNT) Rises By 20.9%

RadNet, Inc. (NASDAQ:RDNT) was the target of a large increase in short interest in January. As of January 15th, there was short interest totalling 4,850,000 shares, an increase of 20.9% from the December 31st total of 4,010,000 shares. Based on an average trading volume of 617,500 shares, the days-to-cover ratio is currently 7.9 days.

RadNet Stock Performance

RDNT traded up $1.13 during trading on Monday, reaching $66.60. The company’s stock had a trading volume of 581,878 shares, compared to its average volume of 902,499. The company has a market capitalization of $4.93 billion, a price-to-earnings ratio of -951.29 and a beta of 1.79. The company’s fifty day moving average price is $72.25 and its 200-day moving average price is $68.91. RadNet has a 52-week low of $35.16 and a 52-week 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.

Insider Transactions at RadNet

In other RadNet news, insider Ranjan Jayanathan sold 38,557 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total value of $3,084,560.00. Following the completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $1,004,295.00. Following the transaction, the executive vice president now owns 62,909 shares in the company, valued at approximately $5,136,519.85. This represents a 16.35 % decrease in their position. 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 institutional investors and hedge funds have recently made changes to their positions in RDNT. Covestor Ltd grew 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 buying an additional 435 shares during the period. USA Financial Formulas acquired a new position in RadNet during the fourth quarter worth $30,000. Fifth Third Bancorp boosted its position in RadNet by 84.3% during the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after purchasing an additional 305 shares in the last quarter. Highline Wealth Partners LLC purchased a new position in shares of RadNet in the third quarter valued at $68,000. Finally, Peterson Financial Group Inc. purchased a new position in RadNet during the 3rd quarter valued at about $90,000. 77.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on RDNT shares. Barclays lowered their price objective on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. Truist Financial restated a “buy” rating and set a $88.00 target price (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Finally, Jefferies Financial Group decreased their price target 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. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.50.

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.