Bayesian Capital Management LP Makes New $319,000 Investment in RadNet, Inc. (NASDAQ:RDNT)

Bayesian Capital Management LP purchased a new stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,563 shares of the medical research company's stock, valued at approximately $319,000.

Several other hedge funds have also added to or reduced their stakes in the business. Barclays PLC raised its holdings in RadNet by 373.8% during the 3rd quarter. Barclays PLC now owns 116,978 shares of the medical research company's stock worth $8,118,000 after purchasing an additional 92,291 shares during the last quarter. Franklin Resources Inc. boosted its holdings in RadNet by 12.0% during the 3rd quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company's stock worth $27,334,000 after acquiring an additional 41,381 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of RadNet by 8.5% in the 3rd quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company's stock worth $104,539,000 after buying an additional 118,501 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of RadNet by 1.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company's stock worth $9,229,000 after buying an additional 1,838 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its holdings in shares of RadNet by 3.2% in the 4th quarter. Harbor Capital Advisors Inc. now owns 415,000 shares of the medical research company's stock worth $28,984,000 after buying an additional 12,795 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Trading Up 4.2%

RDNT stock traded up $2.42 on Tuesday, reaching $59.45. The company's stock had a trading volume of 436,333 shares, compared to its average volume of 673,224. The business has a fifty day simple moving average of $50.85 and a two-hundred day simple moving average of $63.30. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The firm has a market cap of $4.46 billion, a PE ratio of -849.16 and a beta of 1.46. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The company had revenue of $477.10 million for the quarter, compared to analysts' expectations of $459.42 million. As a group, research analysts forecast that RadNet, Inc. will post 0.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RDNT. Barclays cut their price target on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a report on Monday, March 24th. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and decreased their price objective for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. Jefferies Financial Group decreased their price objective on shares of RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, January 15th. Truist Financial decreased their price objective on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, StockNews.com raised RadNet to a "sell" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $69.75.

Insider Buying and Selling at RadNet

In other news, COO Norman R. Hames sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $49.79, for a total transaction of $248,950.00. Following the transaction, the chief operating officer now owns 261,959 shares of the company's stock, valued at approximately $13,042,938.61. This represents a 1.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the transaction, the chief executive officer now directly owns 55,995 shares in the company, valued at $2,828,867.40. The trade was a 1.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock valued at $1,926,730 in the last quarter. 5.12% of the stock is owned by insiders.

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.