Seven Eight Capital LP Takes $306,000 Position in RadNet, Inc. (NASDAQ:RDNT)

Seven Eight Capital LP bought a new stake in RadNet, Inc. (NASDAQ:RDNT) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,279 shares of the medical research company’s stock, valued at approximately $306,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assetmark Inc. boosted its holdings in RadNet by 35.2% during the fourth quarter. Assetmark Inc. now owns 3,183 shares of the medical research company’s stock worth $111,000 after buying an additional 829 shares in the last quarter. SG Americas Securities LLC boosted its holdings in RadNet by 8.7% during the first quarter. SG Americas Securities LLC now owns 3,637 shares of the medical research company’s stock worth $177,000 after buying an additional 291 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in RadNet during the first quarter worth about $218,000. Entropy Technologies LP purchased a new stake in RadNet during the first quarter worth about $228,000. Finally, O ROURKE & COMPANY Inc purchased a new stake in RadNet during the first quarter worth about $245,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Stock Performance

NASDAQ:RDNT opened at $63.63 on Thursday. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.76. The company has a market cap of $4.70 billion, a P/E ratio of 212.10 and a beta of 1.75. RadNet, Inc. has a fifty-two week low of $25.11 and a fifty-two week high of $66.04. The firm’s 50 day moving average is $59.59 and its two-hundred day moving average is $49.47.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Wednesday, May 8th. The medical research company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.16. RadNet had a net margin of 1.28% and a return on equity of 5.05%. The company had revenue of $431.70 million for the quarter, compared to the consensus estimate of $421.72 million. During the same quarter last year, the firm posted ($0.08) earnings per share. RadNet’s revenue was up 10.5% on a year-over-year basis. Analysts expect that RadNet, Inc. will post 0.58 EPS for the current year.

Insider Activity at RadNet

In related news, COO Norman R. Hames sold 15,000 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $61.15, for a total transaction of $917,250.00. Following the completion of the sale, the chief operating officer now directly owns 280,919 shares of the company’s stock, valued at approximately $17,178,196.85. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other RadNet news, EVP David Jeffrey Katz sold 16,400 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $61.26, for a total transaction of $1,004,664.00. Following the completion of the transaction, the executive vice president now directly owns 65,441 shares of the company’s stock, valued at approximately $4,008,915.66. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Norman R. Hames sold 15,000 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $61.15, for a total transaction of $917,250.00. Following the transaction, the chief operating officer now directly owns 280,919 shares of the company’s stock, valued at $17,178,196.85. The disclosure for this sale can be found here. In the last three months, insiders sold 99,730 shares of company stock valued at $6,121,516. Corporate insiders own 5.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RDNT shares. Truist Financial boosted their price objective on shares of RadNet from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, July 15th. StockNews.com downgraded shares of RadNet from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Jefferies Financial Group lifted their target price on shares of RadNet from $61.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Raymond James lifted their target price on shares of RadNet from $50.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th. Finally, Barclays upped their price objective on shares of RadNet from $48.00 to $51.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, RadNet presently has an average rating of “Hold” and an average target price of $64.00.

RadNet Profile

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.