RadNet, Inc. $RDNT Stake Raised by Alpha Wave Global LP

Alpha Wave Global LP increased its stake in RadNet, Inc. (NASDAQ:RDNT) by 63.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 387,477 shares of the medical research company’s stock after purchasing an additional 150,849 shares during the quarter. RadNet accounts for 2.4% of Alpha Wave Global LP’s investment portfolio, making the stock its 7th largest position. Alpha Wave Global LP owned approximately 0.52% of RadNet worth $22,051,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. LPL Financial LLC grew its position in RadNet by 616.4% during the first quarter. LPL Financial LLC now owns 45,260 shares of the medical research company’s stock worth $2,235,000 after buying an additional 38,942 shares during the period. US Bancorp DE lifted its position in shares of RadNet by 4,620.8% during the 1st quarter. US Bancorp DE now owns 3,635 shares of the medical research company’s stock valued at $181,000 after acquiring an additional 3,558 shares during the period. Headlands Technologies LLC purchased a new stake in shares of RadNet during the 1st quarter worth approximately $28,000. Citigroup Inc. grew its holdings in shares of RadNet by 74.7% in the 1st quarter. Citigroup Inc. now owns 312,616 shares of the medical research company’s stock worth $15,543,000 after acquiring an additional 133,682 shares during the period. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of RadNet in the 1st quarter worth approximately $1,734,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RDNT shares. Wall Street Zen raised RadNet from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Morgan Stanley upgraded RadNet to an “overweight” rating in a research report on Monday, August 11th. Truist Financial boosted their price objective on shares of RadNet from $81.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th. Zacks Research cut shares of RadNet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, B. Riley lifted their target price on shares of RadNet from $71.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, RadNet has a consensus rating of “Moderate Buy” and an average price target of $87.60.

Insider Activity

In other RadNet news, CEO Cornelis Wesdorp sold 500 shares of the business’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $72.13, for a total value of $36,065.00. Following the completion of the transaction, the chief executive officer directly owned 53,495 shares in the company, valued at approximately $3,858,594.35. The trade was a 0.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mital Patel sold 25,000 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $76.06, for a total value of $1,901,500.00. Following the transaction, the chief accounting officer directly owned 205,138 shares in the company, valued at approximately $15,602,796.28. This represents a 10.86% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 96,000 shares of company stock worth $7,287,864. 5.60% of the stock is currently owned by corporate insiders.

RadNet Trading Up 2.0%

RadNet stock opened at $81.08 on Friday. The stock has a 50-day moving average price of $78.37 and a 200 day moving average price of $67.71. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $85.84. The stock has a market cap of $6.26 billion, a PE ratio of -476.91 and a beta of 1.49. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.82.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, November 10th. The medical research company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $522.87 million during the quarter, compared to analysts’ expectations of $494.19 million. RadNet had a negative net margin of 0.65% and a positive return on equity of 2.52%. RadNet’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the company posted $0.18 earnings per share. Equities research analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

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.