RadNet, Inc. $RDNT is Alpha Wave Global LP's 4th Largest Position

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 stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 33.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 236,628 shares of the medical research company's stock after selling 120,262 shares during the period. RadNet comprises 5.2% of Alpha Wave Global LP's portfolio, making the stock its 4th largest holding. Alpha Wave Global LP owned 0.32% of RadNet worth $11,765,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in RDNT. Renaissance Technologies LLC purchased a new stake in RadNet during the fourth quarter worth about $237,000. Jump Financial LLC acquired a new position in RadNet during the fourth quarter worth about $231,000. First Trust Advisors LP raised its position in RadNet by 40.4% during the fourth quarter. First Trust Advisors LP now owns 107,679 shares of the medical research company's stock worth $7,520,000 after acquiring an additional 30,975 shares during the last quarter. MetLife Investment Management LLC raised its position in RadNet by 4.7% during the fourth quarter. MetLife Investment Management LLC now owns 39,969 shares of the medical research company's stock worth $2,791,000 after acquiring an additional 1,801 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised 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 worth $99,000 after acquiring an additional 422 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Trading Up 0.7%

RadNet stock traded up $0.50 during trading on Thursday, reaching $71.79. The company had a trading volume of 523,723 shares, compared to its average volume of 1,048,311. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The stock's 50 day moving average price is $59.54 and its two-hundred day moving average price is $56.19. The firm has a market capitalization of $5.52 billion, a price-to-earnings ratio of -358.93 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00.

RadNet (NASDAQ:RDNT - Get Free Report) last released its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) 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 previous year, the firm earned $0.16 earnings per share. RadNet's revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Activity at RadNet

In other RadNet news, insider Ranjan Jayanathan sold 65,598 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the sale, the insider directly owned 138,198 shares in the company, valued at $9,328,365. The trade was a 32.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David Jeffrey Katz sold 17,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the sale, the executive vice president owned 86,774 shares of the company's stock, valued at approximately $5,927,531.94. This represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,098 shares of company stock worth $5,689,605. 5.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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