Edgestream Partners L.P. Raises Stock Position in RadNet, Inc. $RDNT

Key Points

• Edgestream Partners increased its RadNet position by 273.6% in the first quarter, reaching 41,617 shares valued at approximately $2.33 million. Institutional investors collectively own 77.9% of the company.
• RadNet reported quarterly revenue of $575.6 million, up 22.1% year over year, but its adjusted loss of $0.28 per share missed analyst expectations of a $0.14 loss.
• Analyst sentiment remains mixed: the stock has a “Moderate Buy” consensus rating and an average price target of $87.43, while recent insider activity included stock sales by the CEO and a director.

Edgestream Partners L.P. increased its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 273.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 41,617 shares of the medical research company's stock after acquiring an additional 30,479 shares during the period. Edgestream Partners L.P. owned approximately 0.05% of RadNet worth $2,326,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nations Financial Group Inc. IA ADV purchased a new position in RadNet during the fourth quarter worth about $1,118,000. Campbell Newman Asset Management Inc. bought a new position in RadNet in the 4th quarter worth about $1,773,000. Van Berkom & Associates Inc. raised its holdings in shares of RadNet by 24.9% in the 1st quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company's stock valued at $57,488,000 after acquiring an additional 204,858 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of RadNet by 11.4% in the 4th quarter. Bessemer Group Inc. now owns 493,999 shares of the medical research company's stock valued at $35,248,000 after acquiring an additional 50,690 shares in the last quarter. Finally, SEB Asset Management AB purchased a new stake in shares of RadNet in the 1st quarter valued at about $4,287,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at RadNet

In other news, Director David L. Swartz sold 2,699 shares of the business's 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 directly owned 177,013 shares of the company's stock, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 69,075 shares of the company's stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is currently owned by insiders.

RadNet Price Performance

RDNT opened at $63.78 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17. The stock's 50 day simple moving average is $59.54 and its 200 day simple moving average is $61.79. The firm has a market cap of $5.02 billion, a price-to-earnings ratio of -354.31 and a beta of 1.36. RadNet, Inc. has a 1 year low of $50.76 and a 1 year high of $85.84.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.14). The firm had revenue of $575.63 million during the quarter, compared to analysts' expectations of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. RadNet's revenue was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.50) EPS. As a group, analysts predict that RadNet, Inc. will post 0.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

RDNT has been the subject of several recent analyst reports. Jefferies Financial Group reissued a "buy" rating on shares of RadNet in a report on Friday. Zacks Research cut shares of RadNet from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Barclays lowered their target price on shares of RadNet from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 20th. Finally, Weiss Ratings lowered shares of RadNet from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $87.43.

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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