Roubaix Capital LLC Invests $4.27 Million in RadNet, Inc. $RDNT

Key Points

• Roubaix Capital LLC has acquired a new stake in RadNet, Inc., purchasing 85,849 shares valued at approximately $4.27 million, representing 2.2% of its portfolio.
• Several institutional investors have increased their holdings in RadNet, notably American Century Companies Inc. with a 507.9% increase in shares during the first quarter.
• Analysts have a positive outlook on RadNet, with a consensus price target of $71.60 and multiple upgrades to "buy" and "strong buy" ratings.

Roubaix Capital LLC acquired a new stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 85,849 shares of the medical research company's stock, valued at approximately $4,268,000. RadNet accounts for approximately 2.2% of Roubaix Capital LLC's investment portfolio, making the stock its 19th largest holding. Roubaix Capital LLC owned about 0.11% of RadNet at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. RTW Investments LP grew its holdings in RadNet by 9.4% in the fourth quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company's stock valued at $138,184,000 after purchasing an additional 169,978 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of RadNet by 14.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,689,275 shares of the medical research company's stock worth $85,511,000 after acquiring an additional 213,280 shares during the last quarter. Hood River Capital Management LLC boosted its stake in shares of RadNet by 3.1% in the fourth quarter. Hood River Capital Management LLC now owns 1,322,879 shares of the medical research company's stock worth $92,390,000 after acquiring an additional 39,881 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of RadNet by 507.9% in the first quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock worth $63,290,000 after acquiring an additional 1,063,516 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in shares of RadNet by 79.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company's stock worth $63,813,000 after acquiring an additional 404,241 shares during the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Trading Down 0.0%

NASDAQ:RDNT traded down $0.03 on Thursday, reaching $68.61. The company's stock had a trading volume of 618,984 shares, compared to its average volume of 829,680. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91. The firm has a market cap of $5.28 billion, a price-to-earnings ratio of -343.03 and a beta of 1.43. The stock has a 50 day moving average price of $57.91 and a 200 day moving average price of $55.97.

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 for the quarter, beating analysts' consensus estimates of $0.17 by $0.14. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The business had revenue of $498.23 million during the quarter, compared to analysts' expectations of $488.06 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The company's revenue was up 8.4% on a year-over-year basis. On average, equities analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insider Activity

In other RadNet news, EVP David Jeffrey Katz sold 17,000 shares of the company's stock in a transaction dated 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 in the company, valued at $5,927,531.94. This represents a 16.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $56.48, for a total value of $3,106,400.00. Following the sale, the executive vice president owned 1,160,509 shares in the company, valued at approximately $65,545,548.32. This trade represents a 4.52% decrease in their position. The disclosure for this sale can be found here. 5.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RDNT shares. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $75.00 price target (up from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Zacks Research raised RadNet from a "strong sell" rating to a "hold" rating in a research note on Monday. Truist Financial set a $74.00 price target on RadNet in a research note on Thursday, July 10th. B. Riley assumed coverage on RadNet in a research report on Friday, June 13th. They set a "buy" rating and a $69.00 price objective on the stock. Finally, Morgan Stanley upgraded RadNet to an "overweight" rating in a research report on Monday, August 11th. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, RadNet presently has a consensus rating of "Buy" and an average price target of $71.60.

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.