Alpha Wave Global LP Purchases 145,802 Shares of RadNet, Inc. $RDNT

Key Points

• Alpha Wave Global LP increased its stake in RadNet by 37.6% in Q3, buying 145,802 shares to hold 533,279 shares (about 0.69% of the company), making RadNet its fourth-largest holding at roughly $40.64 million.
• RadNet beat expectations in its most recent quarter with EPS of $0.23 vs. $0.19 and revenue of $547.7M (up 14.8% YoY), and analysts carry a "Moderate Buy" consensus with an average price target of about $90.43.
• Institutional ownership is high at 77.9%, and several other large investors (WCM, Penserra, Castleark, Norges Bank, US Bancorp DE) also materially increased or initiated positions, indicating notable institutional accumulation.

Alpha Wave Global LP increased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 37.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 533,279 shares of the medical research company's stock after buying an additional 145,802 shares during the period. RadNet accounts for about 4.1% of Alpha Wave Global LP's investment portfolio, making the stock its 4th biggest holding. Alpha Wave Global LP owned approximately 0.69% of RadNet worth $40,641,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. WCM Investment Management LLC increased its stake in shares of RadNet by 32.6% in the 3rd quarter. WCM Investment Management LLC now owns 285,778 shares of the medical research company's stock valued at $21,348,000 after acquiring an additional 70,244 shares during the last quarter. Castleark Management LLC raised its holdings in RadNet by 241.7% in the second quarter. Castleark Management LLC now owns 96,203 shares of the medical research company's stock worth $5,475,000 after purchasing an additional 68,050 shares during the period. Norges Bank bought a new position in shares of RadNet during the second quarter worth $31,051,000. Penserra Capital Management LLC grew its holdings in shares of RadNet by 43.4% in the 3rd quarter. Penserra Capital Management LLC now owns 479,077 shares of the medical research company's stock valued at $36,510,000 after buying an additional 144,897 shares during the period. Finally, US Bancorp DE grew its holdings in shares of RadNet by 485.4% in the 3rd quarter. US Bancorp DE now owns 28,350 shares of the medical research company's stock valued at $2,161,000 after buying an additional 23,507 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Stock Up 3.9%

RDNT stock opened at $62.09 on Friday. The business has a 50-day simple moving average of $70.23 and a 200 day simple moving average of $74.06. The company has a market cap of $4.82 billion, a PE ratio of -248.36 and a beta of 1.49. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.79. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $85.84.

RadNet (NASDAQ:RDNT - Get Free Report) last released its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.04. The firm had revenue of $547.71 million during the quarter, compared to analysts' expectations of $515.67 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The company's quarterly revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.22 earnings per share. Sell-side analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on RDNT shares. UBS Group set a $92.00 price target on RadNet in a report on Friday, January 9th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of RadNet in a research report on Thursday, December 18th. Truist Financial set a $90.00 target price on RadNet in a report on Wednesday, December 17th. KeyCorp raised RadNet to a "strong-buy" rating in a research note on Friday, January 9th. Finally, B. Riley Financial upped their price objective on RadNet from $71.00 to $87.00 and gave the stock a "buy" rating in a research report on Monday, December 1st. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $90.43.

About RadNet

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.

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