Sherbrooke Park Advisers LLC Takes $342,000 Position in RadNet, Inc. (NASDAQ:RDNT)

Sherbrooke Park Advisers LLC purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,892 shares of the medical research company's stock, valued at approximately $342,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RDNT. Vanguard Group Inc. increased its stake in shares of RadNet by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 7,425,218 shares of the medical research company's stock worth $518,577,000 after purchasing an additional 71,910 shares in the last quarter. RTW Investments LP boosted its holdings in shares of RadNet by 9.4% in the fourth quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company's stock worth $138,184,000 after acquiring an additional 169,978 shares during the period. Invesco Ltd. raised its stake in shares of RadNet by 4.3% during the 4th quarter. Invesco Ltd. now owns 1,731,074 shares of the medical research company's stock valued at $120,898,000 after purchasing an additional 70,673 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in RadNet by 30.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company's stock worth $103,532,000 after purchasing an additional 344,146 shares during the period. Finally, Hood River Capital Management LLC increased its position in shares of RadNet by 3.1% during the fourth quarter. Hood River Capital Management LLC now owns 1,322,879 shares of the medical research company's stock valued at $92,390,000 after buying an additional 39,881 shares during the period. Institutional investors own 77.90% of the company's stock.

RadNet Price Performance

Shares of RadNet stock traded down $1.29 during trading on Thursday, hitting $56.77. 491,724 shares of the stock traded hands, compared to its average volume of 684,772. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of -810.88 and a beta of 1.46. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. The firm's fifty day moving average is $52.65 and its 200-day moving average is $62.95.

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

Insider Buying and Selling

In related news, COO Norman R. Hames sold 5,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 261,959 shares in the company, valued at $13,042,938.61. This represents a 1.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Cornelis Wesdorp sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total value of $105,160.00. Following the completion of the transaction, the chief executive officer now owns 58,995 shares of the company's stock, valued at approximately $3,101,957.10. The trade was a 3.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,447 shares of company stock worth $2,433,550 in the last 90 days. 5.12% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wall Street Zen lowered shares of RadNet from a "hold" rating to a "sell" rating in a research report on Thursday. Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and lowered their price objective for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. Barclays reduced their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Finally, 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. One investment analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, RadNet presently has an average rating of "Buy" and a consensus price target of $69.75.

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.