Monashee Investment Management LLC Acquires Shares of 300,000 RadNet, Inc. (NASDAQ:RDNT)

Monashee Investment Management LLC bought a new stake in RadNet, Inc. (NASDAQ:RDNT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 300,000 shares of the medical research company’s stock, valued at approximately $9,786,000. RadNet accounts for approximately 2.3% of Monashee Investment Management LLC’s holdings, making the stock its 4th biggest position. Monashee Investment Management LLC owned about 0.51% of RadNet at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RDNT. Barclays PLC raised its position in shares of RadNet by 6.0% in the first quarter. Barclays PLC now owns 25,327 shares of the medical research company’s stock valued at $634,000 after purchasing an additional 1,435 shares during the period. Samalin Investment Counsel LLC purchased a new stake in shares of RadNet during the second quarter worth $210,000. Hanseatic Management Services Inc. bought a new position in shares of RadNet in the second quarter worth $640,000. Arizona State Retirement System grew its position in shares of RadNet by 10.7% in the second quarter. Arizona State Retirement System now owns 16,565 shares of the medical research company’s stock valued at $540,000 after purchasing an additional 1,607 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of RadNet by 10.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 436,014 shares of the medical research company’s stock valued at $14,223,000 after purchasing an additional 41,429 shares during the period. Hedge funds and other institutional investors own 74.84% of the company’s stock.

RadNet Price Performance

Shares of NASDAQ:RDNT traded up $0.52 on Monday, hitting $32.61. The company’s stock had a trading volume of 47,294 shares, compared to its average volume of 430,115. The company has a market capitalization of $2.21 billion, a PE ratio of -3,205.79 and a beta of 1.75. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.42 and a quick ratio of 1.42. The company has a 50-day simple moving average of $28.70 and a 200 day simple moving average of $30.30. RadNet, Inc. has a 1 year low of $16.52 and a 1 year high of $35.18.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Wednesday, November 8th. The medical research company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.08. The business had revenue of $401.97 million during the quarter, compared to analysts’ expectations of $391.63 million. RadNet had a net margin of 0.25% and a return on equity of 4.16%. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.09 EPS. Sell-side analysts forecast that RadNet, Inc. will post 0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RDNT has been the subject of a number of recent analyst reports. StockNews.com raised RadNet from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. Truist Financial initiated coverage on shares of RadNet in a research note on Thursday, August 31st. They set a “buy” rating and a $40.00 price objective for the company.

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.