Alpha Wave Global LP Lowers Position in RadNet, Inc. (NASDAQ:RDNT)

Alpha Wave Global LP reduced its stake in RadNet, Inc. (NASDAQ:RDNT) by 57.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 356,890 shares of the medical research company’s stock after selling 491,523 shares during the period. RadNet makes up approximately 11.4% of Alpha Wave Global LP’s portfolio, making the stock its 2nd biggest position. Alpha Wave Global LP’s holdings in RadNet were worth $24,925,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the stock. USA Financial Formulas purchased a new stake in RadNet in the 4th quarter worth approximately $30,000. Fifth Third Bancorp increased its holdings in shares of RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after purchasing an additional 305 shares during the period. Smartleaf Asset Management LLC raised its position in shares of RadNet by 377.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock worth $96,000 after buying an additional 1,063 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in RadNet during the fourth quarter valued at $105,000. Finally, Twin Tree Management LP purchased a new position in RadNet during the fourth quarter worth about $106,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Price Performance

Shares of RadNet stock opened at $49.78 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $93.65. The company has a fifty day moving average of $53.22 and a 200-day moving average of $65.21. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of -711.04 and a beta of 1.59.

RadNet (NASDAQ:RDNT) last posted its quarterly 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. The business had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. Equities research analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on RDNT shares. Barclays lowered their price target on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, March 24th. Raymond James raised shares of RadNet from an “outperform” rating to a “strong-buy” rating and cut their price target for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. StockNews.com upgraded shares of RadNet to a “sell” rating in a research report on Wednesday, March 19th. Jefferies Financial Group cut their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Finally, Truist Financial lowered their price target on RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, RadNet currently has a consensus rating of “Buy” and an average price target of $69.75.

Insider Buying and Selling

In other news, COO Norman R. Hames sold 5,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total transaction of $251,100.00. Following the completion of the sale, the chief operating officer now owns 251,959 shares of the company’s stock, valued at approximately $12,653,380.98. This represents a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. Insiders have sold a total of 38,000 shares of company stock worth $1,926,730 in the last ninety days. 5.12% of the stock is owned by insiders.

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.