RadNet, Inc. $RDNT Shares Sold by Alpha Wave Global LP

Key Points

• Alpha Wave Global LP has reduced its stake in RadNet, Inc. by 33.7%, now holding approximately 236,628 shares valued at about $11.77 million.
• Various hedge funds have increased their holdings in RadNet, with notable increases from SG Americas Securities LLC by 239.5% and Envestnet Asset Management Inc. by 50.3%.
• RadNet recently received several positive analyst upgrades, including a rating boost from Zacks Research from "strong sell" to "hold" and a price target increase from Raymond James Financial to $75.00.

Alpha Wave Global LP lowered its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 33.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 236,628 shares of the medical research company's stock after selling 120,262 shares during the quarter. RadNet accounts for about 5.2% of Alpha Wave Global LP's portfolio, making the stock its 4th largest position. Alpha Wave Global LP owned about 0.32% of RadNet worth $11,765,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Headlands Technologies LLC bought a new position in RadNet during the first quarter valued at $28,000. GAMMA Investing LLC lifted its position in RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock valued at $82,000 after purchasing an additional 300 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in RadNet by 42.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after purchasing an additional 422 shares during the last quarter. US Bancorp DE lifted its position in 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 purchasing an additional 3,558 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new position in RadNet during the fourth quarter valued at $187,000. Institutional investors own 77.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Truist Financial set a $74.00 price objective on shares of RadNet in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. B. Riley began coverage on shares of RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 target price for the company. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $75.00 target price (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $71.60.

RadNet Trading Down 0.0%

RDNT traded down $0.03 on Friday, reaching $71.76. 627,715 shares of the company traded hands, compared to its average volume of 1,046,294. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The firm has a fifty day simple moving average of $59.87 and a two-hundred day simple moving average of $56.22. The company has a market cap of $5.52 billion, a P/E ratio of -358.78 and a beta of 1.43. 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 (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Sunday, August 10th. The medical research company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.14. The business had revenue of $498.23 million for the quarter, compared to the consensus estimate of $488.06 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The company's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.16 EPS. As a group, equities research analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity

In other news, EVP David Jeffrey Katz sold 17,000 shares of RadNet stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total value of $1,161,270.00. Following the transaction, the executive vice president owned 86,774 shares of the company's stock, valued at $5,927,531.94. The trade was a 16.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction that occurred on Wednesday, August 27th. The stock was 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 in the company, 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. Insiders sold 89,098 shares of company stock worth $6,045,105 in the last quarter. 5.60% of the stock is currently owned by corporate insiders.

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.