Teacher Retirement System of Texas Acquires New Holdings in RadNet, Inc. (NASDAQ:RDNT)

Teacher Retirement System of Texas bought a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 9,198 shares of the medical research company’s stock, valued at approximately $457,000.

Several other hedge funds have also bought and sold shares of RDNT. GAMMA Investing LLC lifted its holdings in shares of RadNet by 22.3% in the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company’s stock worth $82,000 after acquiring an additional 300 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock valued at $99,000 after buying an additional 422 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in RadNet during the 4th quarter valued at $105,000. Twin Tree Management LP bought a new stake in RadNet during the 4th quarter valued at $106,000. Finally, Aquatic Capital Management LLC bought a new stake in RadNet during the 4th quarter valued at $187,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Stock Performance

Shares of RDNT stock opened at $58.84 on Friday. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The company’s 50-day moving average is $57.26 and its 200 day moving average is $57.14. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of -136.83 and a beta of 1.41. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.01 and a current ratio of 2.01.

Insider Activity

In other RadNet news, COO Norman R. Hames sold 5,536 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $332,160.00. Following the transaction, the chief operating officer owned 249,183 shares in the company, valued at approximately $14,950,980. This represents a 2.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $56.48, for a total transaction of $3,106,400.00. Following the completion of the transaction, the executive vice president owned 1,160,509 shares in the company, valued at $65,545,548.32. This trade represents a 4.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 63,447 shares of company stock worth $3,613,220 in the last 90 days. Company insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

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

RadNet 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.