Royal Palms Capital LLC Acquires Shares of 10,000 RadNet, Inc. $RDNT

Royal Palms Capital LLC acquired a new stake in RadNet, Inc. (NASDAQ:RDNT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,000 shares of the medical research company’s stock, valued at approximately $714,000.

Several other institutional 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 approximately $25,000. Danske Bank A S purchased a new position in shares of RadNet in the third quarter valued at approximately $30,000. Allworth Financial LP lifted its position in shares of 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 acquiring an additional 305 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of 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 acquiring an additional 171 shares in the last quarter. Finally, Harbour Investments Inc. purchased a new position in shares of RadNet in the fourth quarter valued at approximately $42,000. 77.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total value of $932,250.00. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.60% of the stock is owned by corporate insiders.

RadNet Stock Down 0.5%

Shares of NASDAQ RDNT opened at $54.12 on Wednesday. The business has a 50-day moving average price of $57.13 and a 200 day moving average price of $67.53. RadNet, Inc. has a 52-week low of $50.76 and a 52-week high of $85.84. The stock has a market cap of $4.26 billion, a PE ratio of -300.65 and a beta of 1.43. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT) last released 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 during the quarter, compared to analysts’ expectations of $557.93 million. During the same quarter in the previous year, the company posted ($0.50) EPS. The company’s revenue was up 22.1% compared to the same quarter last year. Equities research analysts forecast that RadNet, Inc. will post 0.54 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.