Roubaix Capital LLC Takes $4.27 Million Position in RadNet, Inc. (NASDAQ:RDNT)

Roubaix Capital LLC bought a new stake in RadNet, Inc. (NASDAQ:RDNT) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 85,849 shares of the medical research company’s stock, valued at approximately $4,268,000. RadNet comprises approximately 2.2% of Roubaix Capital LLC’s portfolio, making the stock its 19th largest position. Roubaix Capital LLC owned about 0.11% of RadNet as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. RTW Investments LP lifted its stake in shares of RadNet by 9.4% in the 4th quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company’s stock valued at $138,184,000 after acquiring an additional 169,978 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in RadNet by 14.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,689,275 shares of the medical research company’s stock valued at $85,511,000 after purchasing an additional 213,280 shares during the period. Hood River Capital Management LLC increased its holdings in RadNet by 3.1% during the 4th quarter. Hood River Capital Management LLC now owns 1,322,879 shares of the medical research company’s stock valued at $92,390,000 after purchasing an additional 39,881 shares during the period. American Century Companies Inc. increased its holdings in RadNet by 507.9% during the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock valued at $63,290,000 after purchasing an additional 1,063,516 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its holdings in RadNet by 79.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company’s stock valued at $63,813,000 after purchasing an additional 404,241 shares during the period. Institutional investors own 77.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Raymond James Financial restated a “strong-buy” rating and set a $75.00 price target (up previously from $66.00) on shares of RadNet in a report on Wednesday. B. Riley initiated coverage on RadNet in a report on Friday, June 13th. They set a “buy” rating and a $69.00 target price on the stock. Morgan Stanley upgraded RadNet to an “overweight” rating in a report on Monday, August 11th. Wall Street Zen upgraded RadNet from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Truist Financial set a $74.00 target price on RadNet in a report on Thursday, July 10th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, RadNet has an average rating of “Buy” and a consensus target price of $71.60.

Insider Activity at RadNet

In related news, EVP David Jeffrey Katz sold 17,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total value of $1,161,270.00. Following the transaction, the executive vice president directly owned 86,774 shares of the company’s stock, valued at approximately $5,927,531.94. This represents a 16.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $56.48, for a total value of $3,106,400.00. Following the completion of the transaction, the executive vice president directly owned 1,160,509 shares in the company, valued at $65,545,548.32. This trade represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company’s stock.

RadNet Stock Performance

RadNet stock opened at $67.45 on Friday. The company has a quick ratio of 2.01, a current ratio of 2.00 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $5.19 billion, a P/E ratio of -337.23 and a beta of 1.43. The stock’s 50 day moving average is $57.37 and its 200 day moving average is $55.88. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.14. The company had revenue of $498.23 million for the quarter, compared to the consensus estimate of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.16 EPS. On average, equities research analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

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.