Magnetar Financial LLC Purchases Shares of 3,993 RadNet, Inc. $RDNT

Magnetar Financial LLC acquired a new position in shares of RadNet, Inc. (NASDAQ:RDNT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,993 shares of the medical research company’s stock, valued at approximately $227,000.

A number of other large investors have also made changes to their positions in RDNT. Headlands Technologies LLC bought a new stake in shares of RadNet in the first quarter valued at about $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in RadNet in the 2nd quarter valued at approximately $35,000. Family Legacy Financial Solutions LLC bought a new stake in shares of RadNet in the 2nd quarter worth approximately $85,000. Jones Financial Companies Lllp lifted its position in shares of RadNet by 563.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock worth $85,000 after acquiring an additional 1,448 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of RadNet by 41.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,327 shares of the medical research company’s stock worth $132,000 after purchasing an additional 683 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Mital Patel sold 15,080 shares of the stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $80.05, for a total transaction of $1,207,154.00. Following the sale, the chief accounting officer owned 180,138 shares in the company, valued at approximately $14,420,046.90. This represents a 7.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Norman R. Hames sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $72.74, for a total value of $727,400.00. Following the completion of the sale, the chief operating officer owned 239,183 shares of the company’s stock, valued at approximately $17,398,171.42. This trade represents a 4.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 96,000 shares of company stock valued at $7,287,864 in the last 90 days. Insiders own 5.60% of the company’s stock.

RadNet Stock Down 0.1%

RDNT opened at $82.79 on Thursday. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of -413.93 and a beta of 1.58. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. The firm’s 50-day simple moving average is $77.80 and its 200-day simple moving average is $66.88. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $85.84.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Sunday, November 9th. The medical research company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $522.87 million during the quarter, compared to analyst estimates of $494.19 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. RadNet’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 earnings per share. Equities research analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on RDNT. Wall Street Zen upgraded RadNet from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Raymond James Financial restated a “strong-buy” rating and issued a $95.00 price objective on shares of RadNet in a research note on Friday, November 14th. Truist Financial raised their price objective on shares of RadNet from $81.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, November 12th. Zacks Research cut shares of RadNet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Morgan Stanley upgraded shares of RadNet to an “overweight” rating in a research note on Monday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $84.00.

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.