CenterBook Partners LP Takes $855,000 Position in RadNet, Inc. (NASDAQ:RDNT)

CenterBook Partners LP purchased a new position in RadNet, Inc. (NASDAQ:RDNT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 12,247 shares of the medical research company’s stock, valued at approximately $855,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RDNT. Franklin Resources Inc. raised its position in RadNet by 12.0% in the third quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company’s stock worth $27,334,000 after acquiring an additional 41,381 shares during the period. KBC Group NV increased its stake in shares of RadNet by 47.6% during the 4th quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock worth $187,000 after purchasing an additional 864 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of RadNet by 30.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock worth $103,532,000 after purchasing an additional 344,146 shares during the period. JPMorgan Chase & Co. lifted its stake in RadNet by 1.4% in the third quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company’s stock valued at $9,229,000 after purchasing an additional 1,838 shares during the last quarter. Finally, WCM Investment Management LLC bought a new position in RadNet during the fourth quarter valued at $14,110,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RDNT has been the topic of several research reports. Barclays lowered their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, March 24th. Jefferies Financial Group dropped their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. StockNews.com raised shares of RadNet to a “sell” rating in a research report on Wednesday, March 19th. Finally, Truist Financial dropped their price target on shares of RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, RadNet has a consensus rating of “Buy” and a consensus target price of $69.75.

RadNet Stock Up 0.8 %

RDNT stock opened at $53.41 on Friday. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The firm has a market capitalization of $3.95 billion, a PE ratio of -762.89 and a beta of 1.59. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock has a 50-day simple moving average of $54.22 and a two-hundred day simple moving average of $65.67.

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

Insider Buying and Selling

In other RadNet news, COO Norman R. Hames sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $49.79, for a total value of $248,950.00. Following the completion of the transaction, the chief operating officer now owns 261,959 shares of the company’s stock, valued at $13,042,938.61. The trade was a 1.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Cornelis Wesdorp sold 1,000 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $50.52, for a total transaction of $50,520.00. Following the sale, the chief executive officer now owns 55,995 shares in the company, valued at approximately $2,828,867.40. This trade represents a 1.75 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,000 shares of company stock worth $1,926,730. Corporate insiders own 5.12% of the company’s stock.

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.