Alyeska Investment Group L.P. Has $60.40 Million Stock Holdings in RadNet, Inc. $RDNT

Key Points

• Alyeska Investment Group L.P. has significantly increased its stake in RadNet, Inc. by acquiring 712,270 shares, bringing its total ownership to 1,214,882 shares, valued at approximately $60.4 million.
• RadNet's recent earnings report showed $0.31 earnings per share, exceeding expectations and contributing to an 8.4% year-over-year revenue increase.
• Institutional investors now hold 77.90% of RadNet's stock, highlighting strong market confidence in the company.

Alyeska Investment Group L.P. boosted its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 141.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,214,882 shares of the medical research company's stock after acquiring an additional 712,270 shares during the quarter. Alyeska Investment Group L.P. owned 1.62% of RadNet worth $60,404,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Headlands Technologies LLC acquired a new position in shares of RadNet in the first quarter worth about $28,000. GAMMA Investing LLC grew its holdings 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 buying an additional 300 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings 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 buying an additional 422 shares in the last quarter. US Bancorp DE lifted its position in RadNet by 4,620.8% in the first quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock worth $181,000 after purchasing an additional 3,558 shares during the period. Finally, Highland Capital Management LLC lifted its position in RadNet by 24.8% in the first quarter. Highland Capital Management LLC now owns 4,128 shares of the medical research company's stock worth $205,000 after purchasing an additional 821 shares during the period. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Buying and Selling at RadNet

In related news, insider Ranjan Jayanathan sold 65,598 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the transaction, the insider owned 138,198 shares of the company's stock, valued at $9,328,365. This represents a 32.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Norman R. Hames sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $71.10, for a total transaction of $355,500.00. Following the completion of the transaction, the chief operating officer directly owned 19,889 shares of the company's stock, valued at approximately $1,414,107.90. The trade was a 20.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,098 shares of company stock worth $6,045,105. 5.60% of the stock is currently owned by company insiders.

RadNet Stock Down 1.2%

NASDAQ:RDNT traded down $0.89 on Friday, hitting $71.41. 467,531 shares of the company's stock were exchanged, compared to its average volume of 977,671. 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 firm has a 50-day moving average price of $61.37 and a 200-day moving average price of $56.54. The company has a market cap of $5.49 billion, a P/E ratio of -357.03 and a beta of 1.54. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $488.06 million. During the same period in the prior year, the firm earned $0.16 EPS. RadNet's quarterly revenue was up 8.4% compared to the same quarter last year. As a group, analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RDNT shares. Wall Street Zen upgraded RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Zacks Research raised RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Raymond James Financial reiterated a "strong-buy" rating and issued a $75.00 target price (up previously from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Barclays raised their price target on shares of RadNet from $60.00 to $79.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Truist Financial raised their price objective on shares of RadNet from $74.00 to $81.00 and gave the stock a "buy" rating in a report on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $76.80.

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.