Odyssean LLC Has $3.23 Million Holdings in RadNet, Inc. $RDNT

Odyssean LLC lifted its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 377.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 52,421 shares of the medical research company’s stock after acquiring an additional 41,452 shares during the quarter. RadNet comprises approximately 0.5% of Odyssean LLC’s holdings, making the stock its 27th largest position. Odyssean LLC owned about 0.07% of RadNet worth $3,233,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Geneos Wealth Management Inc. bought a new position in shares of RadNet in the 4th quarter valued at approximately $25,000. Allworth Financial LP boosted its position in RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after purchasing an additional 305 shares during the period. Danske Bank A S acquired a new position in RadNet during the third quarter valued at approximately $30,000. Eurizon Capital SGR S.p.A. acquired a new position in RadNet during the fourth quarter valued at approximately $36,000. Finally, Harbour Investments Inc. bought a new position in shares of RadNet in the fourth quarter valued at approximately $42,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Buying and Selling at RadNet

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the transaction, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. This represents a 6.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David L. Swartz sold 2,699 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the sale, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

RDNT has been the subject of a number of analyst reports. Truist Financial boosted their price objective on shares of RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Jefferies Financial Group reiterated a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Barclays dropped their target price on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Finally, Zacks Research upgraded shares of RadNet from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.00.

RadNet Stock Performance

Shares of NASDAQ RDNT opened at $76.86 on Wednesday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94. The business’s 50 day moving average is $65.99 and its two-hundred day moving average is $62.07. The company has a market cap of $6.05 billion, a P/E ratio of -284.66 and a beta of 1.36. RadNet, Inc. has a 12 month low of $50.82 and a 12 month high of $85.84.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.09. The company had revenue of $622.72 million during the quarter, compared to analysts’ expectations of $610.87 million. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.RadNet’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 earnings per share. On average, equities analysts expect that RadNet, Inc. will post 0.49 EPS for the current year.

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.