Global Alpha Capital Management Ltd. Purchases 68,087 Shares of RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Global Alpha Capital Management Ltd. increased its stake in RadNet, Inc. by 14%, acquiring an additional 68,087 shares to reach a total of 555,091 shares, valued at approximately $27.6 million.
• Analyst ratings for RadNet show a mix of opinions, with one sell rating, three buy ratings, and a consensus price target of $69.60 per share.
• RadNet's stock recently opened at $53.36, with a annual range between a 52-week low of $45.00 and a high of $93.65.

Global Alpha Capital Management Ltd. boosted its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 14.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 555,091 shares of the medical research company's stock after purchasing an additional 68,087 shares during the period. RadNet makes up about 2.0% of Global Alpha Capital Management Ltd.'s investment portfolio, making the stock its 25th biggest holding. Global Alpha Capital Management Ltd. owned approximately 0.74% of RadNet worth $27,599,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Zions Bancorporation National Association UT bought a new stake in shares of RadNet during the first quarter valued at approximately $1,734,000. Citigroup Inc. raised its holdings in shares of RadNet by 74.7% during the first quarter. Citigroup Inc. now owns 312,616 shares of the medical research company's stock valued at $15,543,000 after buying an additional 133,682 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of RadNet during the first quarter valued at approximately $28,000. Scotia Capital Inc. increased its stake in shares of RadNet by 25.5% during the first quarter. Scotia Capital Inc. now owns 35,632 shares of the medical research company's stock valued at $1,772,000 after acquiring an additional 7,234 shares during the period. Finally, US Bancorp DE increased its stake in shares of RadNet by 4,620.8% during the first quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock valued at $181,000 after acquiring an additional 3,558 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Price Performance

NASDAQ RDNT traded up $4.83 on Wednesday, reaching $68.43. The company's stock had a trading volume of 1,396,590 shares, compared to its average volume of 822,331. The firm has a market cap of $5.13 billion, a PE ratio of -341.86 and a beta of 1.43. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.87. The business has a 50-day moving average price of $56.75 and a 200 day moving average price of $55.82.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings data on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.44%. The company had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. The firm's revenue was up 8.4% compared to the same quarter last year. Sell-side analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.

Insider Activity

In other RadNet news, COO Norman R. Hames sold 5,536 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $60.00, for a total value of $332,160.00. Following the transaction, the chief operating officer directly owned 249,183 shares of the company's stock, valued at $14,950,980. This represents a 2.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $56.48, for a total transaction of $3,106,400.00. Following the completion of the transaction, the executive vice president owned 1,160,509 shares of the company's stock, valued at $65,545,548.32. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 63,447 shares of company stock worth $3,613,220. Insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RDNT. B. Riley began coverage on shares of RadNet in a research report on Friday, June 13th. They issued a "buy" rating and a $69.00 price target on the stock. Morgan Stanley raised shares of RadNet to an "overweight" rating in a research note on Monday. Wall Street Zen lowered shares of RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Raymond James Financial reissued a "strong-buy" rating and set a $75.00 target price (up previously from $66.00) on shares of RadNet in a research note on Wednesday. Finally, Truist Financial set a $74.00 price objective on shares of RadNet in a research note on Thursday, July 10th. One analyst has rated the stock with a sell rating, four have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $71.60.

About RadNet

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.