Twinbeech Capital LP Takes $1.42 Million Position in RadNet, Inc. (NASDAQ:RDNT)

Twinbeech Capital LP purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,329 shares of the medical research company's stock, valued at approximately $1,420,000.

Other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in RadNet by 84.3% during the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock valued at $47,000 after buying an additional 305 shares during the period. Smartleaf Asset Management LLC boosted its position in RadNet by 377.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after purchasing an additional 1,063 shares during the period. Tower Research Capital LLC TRC boosted 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 purchasing an additional 422 shares during the period. Canada Pension Plan Investment Board bought a new position in RadNet during the fourth quarter worth about $105,000. Finally, Twin Tree Management LP bought a new position in RadNet during the fourth quarter worth about $106,000. Institutional investors own 77.90% of the company's stock.

RadNet Price Performance

Shares of RDNT stock traded down $0.16 during trading hours on Friday, reaching $56.61. The stock had a trading volume of 454,156 shares, compared to its average volume of 687,151. The stock's fifty day simple moving average is $52.81 and its 200 day simple moving average is $62.83. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $93.65. The firm has a market capitalization of $4.25 billion, a PE ratio of -808.60 and a beta of 1.46.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The business had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. On average, equities research analysts predict that RadNet, Inc. will post 0.56 EPS for the current year.

Insiders Place Their Bets

In other RadNet news, COO Norman R. Hames sold 5,536 shares of RadNet stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $332,160.00. Following the transaction, the chief operating officer now directly owns 249,183 shares of the company's stock, valued at approximately $14,950,980. This trade represents a 2.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 2,000 shares of RadNet stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total transaction of $105,160.00. Following the completion of the transaction, the chief executive officer now directly owns 58,995 shares in the company, valued at approximately $3,101,957.10. The trade was a 3.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,447 shares of company stock valued at $2,433,550. 5.12% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RDNT has been the subject of a number of research reports. Truist Financial cut their target price on shares of RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and cut their price objective for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Wall Street Zen lowered shares of RadNet from a "hold" rating to a "sell" rating in a research report on Thursday. Finally, Barclays cut their price objective on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $69.75.

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.