Royal Palms Capital LLC Acquires New Shares in RadNet, Inc. $RDNT

Royal Palms Capital LLC acquired a new stake in RadNet, Inc. (NASDAQ:RDNT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 10,000 shares of the medical research company’s stock, valued at approximately $714,000.

Several other large investors also recently bought and sold shares of RDNT. Geneos Wealth Management Inc. acquired a new stake in RadNet in the fourth quarter valued at $25,000. Danske Bank A S acquired a new stake in RadNet in the third quarter valued at $30,000. Allworth Financial LP grew its holdings in RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in RadNet by 62.2% in the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after purchasing an additional 171 shares during the last quarter. Finally, Harbour Investments Inc. acquired a new stake in RadNet in the fourth quarter valued at $42,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Activity

In other news, insider Alma Gregory Sorensen sold 15,000 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total transaction of $932,250.00. Following the sale, the insider owned 1,208,923 shares in the company, valued at $75,134,564.45. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.60% of the stock is owned by company insiders.

RadNet Price Performance

RDNT stock opened at $54.12 on Wednesday. RadNet, Inc. has a 52-week low of $50.76 and a 52-week high of $85.84. The stock’s fifty day simple moving average is $57.13 and its 200-day simple moving average is $67.53. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of -300.65 and a beta of 1.43.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The business had revenue of $575.63 million for the quarter, compared to analyst estimates of $557.93 million. During the same quarter last year, the business earned ($0.50) EPS. RadNet’s revenue for the quarter was up 22.1% compared to the same quarter last year. Equities research analysts expect that RadNet, Inc. will post 0.54 EPS for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings lowered RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Barclays lowered their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $91.00 price target on shares of RadNet in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, RadNet has an average rating of “Moderate Buy” and a consensus target price of $87.43.

RadNet Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.