Odyssean LLC Purchases 41,452 Shares of RadNet, Inc. $RDNT

Odyssean LLC lifted its position in RadNet, Inc. (NASDAQ:RDNT) by 377.9% in the second quarter, HoldingsChannel.com reports. The firm owned 52,421 shares of the medical research company’s stock after acquiring an additional 41,452 shares during the period. RadNet comprises 0.5% of Odyssean LLC’s investment portfolio, making the stock its 27th largest holding. Odyssean LLC’s holdings in RadNet were worth $3,233,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new stake in RadNet in the 4th quarter valued at $25,000. Allworth Financial LP raised its stake in shares of RadNet by 346.6% in the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after buying an additional 305 shares in the last quarter. Danske Bank A S bought a new position in shares of RadNet during the 3rd quarter worth about $30,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of RadNet during the 4th quarter valued at about $36,000. Finally, Harbour Investments Inc. acquired a new stake in shares of RadNet during the 4th quarter valued at about $42,000. 77.90% of the stock is owned by institutional investors.

RadNet Price Performance

Shares of RadNet stock opened at $76.86 on Wednesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $6.05 billion, a price-to-earnings ratio of -284.66 and a beta of 1.36. RadNet, Inc. has a 1-year low of $50.82 and a 1-year high of $85.84. The firm’s 50-day moving average price is $65.99 and its two-hundred day moving average price is $62.07.

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, topping the consensus estimate of $0.20 by $0.09. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The company had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. During the same quarter last year, the business posted $0.31 earnings per share. The company’s revenue was up 25.0% on a year-over-year basis. On average, equities analysts predict that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was 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 $9,539,230.57. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares of the company’s stock, valued at approximately $4,013,948.25. The trade was a 6.43% decrease in their position. The SEC filing for this sale provides additional information. 5.14% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

RadNet Profile

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.