Adage Capital Partners GP L.L.C. Has $8.28 Million Stake in RadNet, Inc. $RDNT

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in RadNet, Inc. by 14.2%, selling 27,655 shares and bringing its total ownership to approximately 166,502 shares worth $8,278,000.
• Several large investors significantly increased their holdings in RadNet during the first quarter, with American Century Companies raising its position by 507.9% and T. Rowe Price increasing theirs by 81.4%.
• RadNet's stock recently saw a 1.2% decline, opening at $71.41, with recent earnings outperforming estimates and investors expecting an EPS of 0.56 for the current fiscal year.

Adage Capital Partners GP L.L.C. lowered its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 14.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,502 shares of the medical research company's stock after selling 27,655 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.22% of RadNet worth $8,278,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its stake in shares of 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 worth $99,000 after acquiring an additional 422 shares in the last quarter. Centiva Capital LP acquired a new position in shares of RadNet during the 4th quarter valued at about $578,000. Deutsche Bank AG increased its holdings in shares of RadNet by 5.3% during the 4th quarter. Deutsche Bank AG now owns 519,056 shares of the medical research company's stock valued at $36,251,000 after acquiring an additional 26,225 shares during the last quarter. Fred Alger Management LLC acquired a new position in shares of RadNet during the 4th quarter valued at about $1,781,000. Finally, Janus Henderson Group PLC increased its holdings in shares of RadNet by 3.5% during the 4th quarter. Janus Henderson Group PLC now owns 31,436 shares of the medical research company's stock valued at $2,195,000 after acquiring an additional 1,049 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Stock Performance

Shares of NASDAQ RDNT traded up $0.28 during trading hours on Friday, hitting $74.01. 678,484 shares of the company's stock were exchanged, compared to its average volume of 621,668. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of -370.03 and a beta of 1.54. The company's 50-day moving average price is $63.04 and its 200-day moving average price is $56.99.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings data on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.14. The business had revenue of $498.23 million during the quarter, compared to analysts' expectations of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The firm's revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.16 EPS. On average, sell-side analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RDNT shares. Raymond James Financial reissued a "strong-buy" rating and set a $75.00 price objective (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Morgan Stanley raised RadNet to an "overweight" rating in a report on Monday, August 11th. B. Riley started coverage on RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 price objective on the stock. Truist Financial increased their price objective on RadNet from $74.00 to $81.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Finally, Wall Street Zen raised RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $76.80.

Insider Transactions at RadNet

In other RadNet news, COO Norman R. Hames sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $72.74, for a total value of $727,400.00. Following the completion of the transaction, the chief operating officer owned 239,183 shares of the company's stock, valued at $17,398,171.42. This represents a 4.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David Jeffrey Katz sold 17,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total value of $1,161,270.00. Following the completion of the transaction, the executive vice president directly owned 86,774 shares of the company's stock, valued at approximately $5,927,531.94. This trade represents a 16.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,598 shares of company stock worth $6,808,500. Insiders own 5.60% of the company's stock.

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.