Alpha Wave Global LP Sells 491,523 Shares of RadNet, Inc. (NASDAQ:RDNT)

Alpha Wave Global LP trimmed its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 57.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 356,890 shares of the medical research company's stock after selling 491,523 shares during the quarter. RadNet makes up about 11.4% of Alpha Wave Global LP's portfolio, making the stock its 2nd biggest position. Alpha Wave Global LP owned 0.48% of RadNet worth $24,925,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. USA Financial Formulas bought a new position in RadNet in the fourth quarter worth about $30,000. Fifth Third Bancorp increased its holdings in shares of RadNet by 84.3% during the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock valued at $47,000 after acquiring an additional 305 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock valued at $96,000 after purchasing an additional 1,063 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in RadNet during the 4th quarter worth approximately $105,000. Finally, Twin Tree Management LP acquired a new position in RadNet during the 4th quarter valued at approximately $106,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Price Performance

RadNet stock traded down $2.42 during trading hours on Monday, hitting $47.36. The stock had a trading volume of 625,736 shares, compared to its average volume of 660,445. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The stock's fifty day moving average is $52.98 and its two-hundred day moving average is $65.04. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of -676.47 and a beta of 1.59.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.01. The firm had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. As a group, analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Activity

In other RadNet news, COO Norman R. Hames sold 5,000 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the sale, the chief operating officer now directly owns 261,959 shares in the company, valued at $13,042,938.61. This represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David L. Swartz sold 25,000 shares of RadNet stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the completion of the transaction, the director now directly owns 174,067 shares in the company, valued at $8,849,566.28. This represents a 12.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,000 shares of company stock valued at $1,926,730 over the last 90 days. Insiders own 5.12% of the company's stock.

Wall Street Analysts Forecast Growth

RDNT has been the subject of a number of research reports. StockNews.com upgraded shares of RadNet to a "sell" rating in a research report on Wednesday, March 19th. Raymond James raised shares of RadNet from an "outperform" rating to a "strong-buy" rating and dropped their price target for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. Barclays lowered their price target on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Truist Financial lowered their target price on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Jefferies Financial Group decreased their price target on RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, January 15th. One 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 company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $69.75.

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.