Twinbeech Capital LP Buys New Stake in RadNet, Inc. (NASDAQ:RDNT)

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC boosted its position in shares of RadNet by 373.8% during the third quarter. Barclays PLC now owns 116,978 shares of the medical research company's stock worth $8,118,000 after acquiring an additional 92,291 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of RadNet by 20.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,291 shares of the medical research company's stock worth $300,000 after acquiring an additional 716 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of RadNet by 84.3% in the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock worth $47,000 after acquiring an additional 305 shares during the last quarter. KBC Group NV increased its stake in RadNet by 47.6% in the 4th quarter. KBC Group NV now owns 2,678 shares of the medical research company's stock worth $187,000 after buying an additional 864 shares during the period. Finally, Highland Capital Management LLC increased its stake in RadNet by 6.5% in the 4th quarter. Highland Capital Management LLC now owns 3,307 shares of the medical research company's stock worth $231,000 after buying an additional 202 shares during the period. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Stock Up 1.5%

Shares of NASDAQ:RDNT traded up $0.86 during trading on Tuesday, reaching $57.47. The stock had a trading volume of 76,567 shares, compared to its average volume of 864,372. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The company has a market capitalization of $4.31 billion, a P/E ratio of -820.95 and a beta of 1.46. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm's 50-day simple moving average is $52.93 and its 200 day simple moving average is $62.65.

RadNet (NASDAQ:RDNT - Get Free Report) last released its earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. The company had revenue of $477.10 million during the quarter, compared to analysts' expectations of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. As a group, research analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 2,000 shares of the business's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total value 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 $3,101,957.10. The trade was a 3.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Norman R. Hames sold 2,911 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $174,660.00. Following the completion of the transaction, the chief operating officer now owns 24,889 shares of the company's stock, valued at approximately $1,493,340. This represents a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,447 shares of company stock worth $2,433,550 in the last three months. Corporate insiders own 5.12% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Truist Financial cut their target price on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and lowered their price target for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. Wall Street Zen cut shares of RadNet from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Barclays lowered their price target on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a report on Monday, March 24th. One investment 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. Based on data from MarketBeat, RadNet currently has a consensus rating of "Buy" and an average target price 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.