Alyeska Investment Group L.P. Sells 137,587 Shares of RadNet, Inc. $RDNT

Key Points

• Alyeska Investment Group reduced its RadNet stake by 10.5%, selling 137,587 shares and retaining 1.17 million shares valued at approximately $72.3 million. Institutional investors collectively own 77.9% of the company.
• RadNet insiders also sold shares: Director David L. Swartz sold 2,699 shares, while CEO Cornelis Wesdorp sold 4,750 shares. Corporate insiders own 5.14% of the stock.
• RadNet reported quarterly earnings of $0.29 per share and revenue of $622.7 million, beating estimates and marking 25% year-over-year revenue growth. Analysts maintain a “Moderate Buy” consensus with a $90 price target, compared with a recent share price of $74.61.

Alyeska Investment Group L.P. decreased its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 10.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,171,721 shares of the medical research company's stock after selling 137,587 shares during the quarter. Alyeska Investment Group L.P. owned 1.49% of RadNet worth $72,260,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Allworth Financial LP raised its position in RadNet by 346.6% in the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company's stock valued at $30,000 after buying an additional 305 shares during the last quarter. Danske Bank A S bought a new position in shares of RadNet during the 3rd quarter worth approximately $30,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of RadNet in the fourth quarter valued at approximately $36,000. Harbour Investments Inc. acquired a new stake in shares of RadNet in the fourth quarter valued at approximately $42,000. Finally, State of Wyoming bought a new stake in shares of RadNet in the second quarter worth $58,000. 77.90% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director David L. Swartz sold 2,699 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, the chief executive officer directly owned 69,075 shares of the company's stock, valued at approximately $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.14% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RDNT shares. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a report on Thursday, August 13th. Barclays increased their price target on RadNet from $65.00 to $79.00 and gave the company an "overweight" rating in a research report on Friday. Jefferies Financial Group restated a "buy" rating on shares of RadNet in a research note on Friday, July 31st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Finally, Truist Financial upped their price objective on RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $90.00.

RadNet Stock Performance

Shares of NASDAQ:RDNT opened at $74.61 on Monday. RadNet, Inc. has a 52-week low of $50.82 and a 52-week high of $85.84. The company has a market capitalization of $5.87 billion, a P/E ratio of -276.32 and a beta of 1.36. The company has a 50-day simple moving average of $67.31 and a 200 day simple moving average of $62.24. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.09. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The firm had revenue of $622.72 million for the quarter, compared to the consensus estimate of $610.87 million. During the same quarter in the previous year, the business earned $0.31 earnings per share. The business's revenue was up 25.0% compared to the same quarter last year. Sell-side analysts forecast that RadNet, Inc. will post 0.49 earnings per share for the current year.

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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