Bank of New York Mellon Corp Sells 78,726 Shares of RadNet, Inc. (NASDAQ:RDNT)

Bank of New York Mellon Corp decreased its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 15.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 417,434 shares of the medical research company’s stock after selling 78,726 shares during the quarter. Bank of New York Mellon Corp owned about 0.56% of RadNet worth $20,755,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Palisade Capital Management LP acquired a new stake in shares of RadNet in the first quarter valued at approximately $3,986,000. Teacher Retirement System of Texas acquired a new position in RadNet during the first quarter worth $457,000. WCM Investment Management LLC boosted its position in RadNet by 1.3% during the first quarter. WCM Investment Management LLC now owns 201,279 shares of the medical research company’s stock worth $9,951,000 after purchasing an additional 2,598 shares during the period. Keybank National Association OH boosted its position in RadNet by 3.4% during the first quarter. Keybank National Association OH now owns 91,632 shares of the medical research company’s stock worth $4,556,000 after purchasing an additional 2,997 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of RadNet by 10.7% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,183 shares of the medical research company’s stock valued at $407,000 after acquiring an additional 794 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Alma Gregory Sorensen sold 55,000 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $56.48, for a total value of $3,106,400.00. Following the sale, the executive vice president directly owned 1,160,509 shares of the company’s stock, valued at approximately $65,545,548.32. This represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Norman R. Hames sold 2,911 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total value of $174,660.00. Following the sale, the chief operating officer directly owned 24,889 shares in the company, valued at $1,493,340. This trade represents a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 63,447 shares of company stock worth $3,613,220. Insiders own 5.60% of the company’s stock.

RadNet Price Performance

RDNT opened at $58.84 on Friday. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a market cap of $4.41 billion, a price-to-earnings ratio of -136.83 and a beta of 1.41. The stock has a fifty day simple moving average of $57.26 and a two-hundred day simple moving average of $57.14. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.87.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RDNT. Truist Financial set a $74.00 price objective on shares of RadNet in a research report on Thursday, July 10th. Barclays decreased their target price on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. Wall Street Zen downgraded shares of RadNet from a “hold” rating to a “sell” rating in a research report on Sunday, June 29th. Finally, B. Riley initiated coverage on shares of RadNet in a report on Friday, June 13th. They set a “buy” rating and a $69.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $69.60.

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.