Advantage Alpha Capital Partners LP Buys 33,883 Shares of RadNet, Inc. $RDNT

Key Points

• Advantage Alpha Capital Partners LP increased its holdings in RadNet, Inc. by 83.2% in the first quarter, now owning approximately $3.71 million worth of the company's stock.
• Other institutional investors, such as American Century Companies Inc. and T. Rowe Price Investment Management Inc., also significantly boosted their stakes in RadNet during the same period, with increases of 507.9% and 81.4%, respectively.
• RadNet recently reported a quarterly EPS of $0.31, surpassing analyst estimates, and indicated that its revenue grew 8.4% year-over-year.

Advantage Alpha Capital Partners LP grew its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 83.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 74,628 shares of the medical research company's stock after buying an additional 33,883 shares during the period. Advantage Alpha Capital Partners LP owned 0.10% of RadNet worth $3,711,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RDNT. Moran Wealth Management LLC raised its stake in RadNet by 2.2% during the first quarter. Moran Wealth Management LLC now owns 10,643 shares of the medical research company's stock worth $529,000 after acquiring an additional 225 shares during the period. Xponance Inc. grew its position in RadNet by 5.0% in the first quarter. Xponance Inc. now owns 5,010 shares of the medical research company's stock worth $249,000 after buying an additional 239 shares during the last quarter. GAMMA Investing LLC boosted its stake in 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 purchasing an additional 300 shares during the period. Tower Research Capital LLC TRC boosted its stake in RadNet by 42.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after purchasing an additional 422 shares during the period. Finally, HighTower Advisors LLC boosted its stake in shares of RadNet by 6.2% during the 1st quarter. HighTower Advisors LLC now owns 9,345 shares of the medical research company's stock valued at $465,000 after buying an additional 548 shares during the period. 77.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Truist Financial set a $74.00 target price on shares of RadNet in a report on Thursday, July 10th. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. Finally, 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 target price on the stock. Three equities 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $71.60.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 1,500 shares of RadNet stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $66.98, for a total transaction of $100,470.00. Following the sale, the chief executive officer directly owned 54,495 shares in the company, valued at $3,650,075.10. This trade represents a 2.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ranjan Jayanathan sold 65,598 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the transaction, the insider owned 138,198 shares in the company, valued at $9,328,365. This trade represents a 32.19% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 84,098 shares of company stock worth $5,689,605. 5.60% of the stock is owned by insiders.

RadNet Stock Up 0.9%

Shares of RDNT stock traded up $0.63 during trading hours on Wednesday, hitting $71.20. 154,763 shares of the company were exchanged, compared to its average volume of 824,375. The business has a 50 day moving average of $58.96 and a two-hundred day moving average of $56.02. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. The company has a market capitalization of $5.48 billion, a PE ratio of -356.38 and a beta of 1.43.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings data on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The company had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. The firm's revenue was up 8.4% compared to the same quarter last year. Analysts anticipate 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.