JB Capital Partners LP Takes Position in RadNet, Inc. $RDNT

JB Capital Partners LP bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,424,061 shares of the medical research company’s stock, valued at approximately $87,821,842,000. RadNet comprises approximately 13.6% of JB Capital Partners LP’s portfolio, making the stock its biggest position.

Other large investors have also made changes to their positions in the company. Geneos Wealth Management Inc. bought a new position in RadNet in the fourth quarter valued at about $25,000. Allworth Financial LP raised its holdings in RadNet by 346.6% during the 3rd 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 last quarter. Danske Bank A S bought a new stake in RadNet during the 3rd quarter worth about $30,000. Eurizon Capital SGR S.p.A. acquired a new position in RadNet during the 4th quarter valued at about $36,000. Finally, Harbour Investments Inc. acquired a new stake in RadNet during the 4th quarter worth $42,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insiders Place Their Bets

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the sale, the director owned 177,013 shares in the company, 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 currently owned by corporate insiders.

Analyst Ratings Changes

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

RadNet Price Performance

NASDAQ RDNT opened at $76.82 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market cap of $6.05 billion, a price-to-earnings ratio of -284.51 and a beta of 1.36. The business has a 50 day simple moving average of $65.23 and a 200 day simple moving average of $62.04. RadNet, Inc. has a 52-week low of $50.82 and a 52-week high of $85.84.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $622.72 million for the quarter, compared to analyst estimates of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The business’s revenue was up 25.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 earnings per share. Analysts anticipate that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

RadNet Company 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.