Impact Capital Partners LLC Makes New $357,000 Investment in RadNet, Inc. (NASDAQ:RDNT)

Impact Capital Partners LLC bought a new position in RadNet, Inc. (NASDAQ:RDNT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,117 shares of the medical research company’s stock, valued at approximately $357,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. USA Financial Formulas bought a new position in shares of RadNet in the fourth quarter worth approximately $30,000. Covestor Ltd lifted its stake in shares of RadNet by 10,875.0% in the third quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock worth $30,000 after buying an additional 435 shares in the last quarter. Fifth Third Bancorp lifted its stake 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 buying an additional 305 shares in the last quarter. Peterson Financial Group Inc. bought a new position in shares of RadNet in the third quarter worth approximately $90,000. Finally, Smartleaf Asset Management LLC lifted its stake 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. Institutional investors own 77.90% of the company’s stock.

RadNet Stock Down 2.8 %

Shares of RadNet stock opened at $45.92 on Friday. The company has a market cap of $3.40 billion, a price-to-earnings ratio of -655.91 and a beta of 1.85. The company’s 50 day moving average is $61.50 and its 200 day moving average is $68.14. RadNet, Inc. has a twelve month low of $42.45 and a twelve month high of $93.65. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The business had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. Research analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and dropped their target price for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Barclays dropped their target price on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 22nd. Truist Financial restated a “buy” rating and set a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Finally, Jefferies Financial Group lowered their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. One equities research 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 stock. According to data from MarketBeat, RadNet currently has an average rating of “Buy” and an average target price of $76.75.

Insiders Place Their Bets

In other RadNet news, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total value of $50,520.00. Following the transaction, the chief executive officer now directly owns 55,995 shares in the company, valued at approximately $2,828,867.40. This trade represents a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David L. Swartz sold 25,000 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the sale, the director now directly owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,000 shares of company stock worth $1,426,680. Company insiders own 5.12% of the company’s stock.

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.