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

Several other large investors have also modified their holdings of RDNT. Tower Research Capital LLC TRC boosted its holdings 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 buying an additional 422 shares during the period. Northern Trust Corp boosted its holdings in shares of RadNet by 16.5% during the 4th quarter. Northern Trust Corp now owns 772,088 shares of the medical research company's stock worth $53,923,000 after buying an additional 109,093 shares during the period. Bayesian Capital Management LP bought a new stake in shares of RadNet during the 4th quarter worth $319,000. Centiva Capital LP bought a new stake in shares of RadNet during the 4th quarter worth $578,000. Finally, Deutsche Bank AG boosted 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 worth $36,251,000 after buying an additional 26,225 shares during the period. 77.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RDNT shares. Truist Financial upped 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, September 3rd. Raymond James Financial reaffirmed a "strong-buy" rating and set a $75.00 price objective (up from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research note on Monday, August 11th. Finally, Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, RadNet presently has an average rating of "Buy" and a consensus target price of $76.80.

Insider Buying and Selling at RadNet

In other news, COO Norman R. Hames sold 5,000 shares of the firm's stock in a transaction dated 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. This trade represents a 20.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ranjan Jayanathan sold 65,598 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 138,198 shares of the company's stock, valued at $9,328,365. The trade was a 32.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,098 shares of company stock valued at $6,045,105 over the last quarter. 5.60% of the stock is currently owned by insiders.

RadNet Stock Performance

RadNet stock traded up $0.29 during mid-day trading on Tuesday, reaching $72.28. The company had a trading volume of 126,141 shares, compared to its average volume of 810,220. The company has a quick ratio of 2.00, a current 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 50 day moving average of $61.67 and a 200-day moving average of $56.58. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of -361.36 and a beta of 1.54.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share 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 firm had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. During the same period in the prior year, the firm earned $0.16 EPS. The business's revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

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.