Mangrove Partners IM LLC Purchases New Shares in RadNet, Inc. $RDNT

Mangrove Partners IM LLC purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 11,694 shares of the medical research company’s stock, valued at approximately $834,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new stake in RadNet during the fourth quarter valued at $25,000. Allworth Financial LP boosted its position in RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after acquiring an additional 305 shares during the last quarter. Danske Bank A S acquired a new position in RadNet during the third quarter worth about $30,000. Jones Financial Companies Lllp boosted its holdings in RadNet by 62.2% in the 3rd 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, Eurizon Capital SGR S.p.A. acquired a new position in RadNet in the 4th quarter valued at about $36,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analyst Upgrades and Downgrades

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

RadNet Stock Performance

NASDAQ:RDNT opened at $56.51 on Wednesday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The firm has a 50-day moving average price of $55.92 and a two-hundred day moving average price of $64.99. RadNet, Inc. has a twelve month low of $50.76 and a twelve month high of $85.84. The company has a market capitalization of $4.44 billion, a P/E ratio of -313.93 and a beta of 1.41.

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

About RadNet

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.