JB Capital Partners LP Buys Shares of 1,424,061 RadNet, Inc. $RDNT

JB Capital Partners LP purchased a new stake in RadNet, Inc. (NASDAQ:RDNT) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,424,061 shares of the medical research company’s stock, valued at approximately $87,821,842. RadNet makes up 0.0% of JB Capital Partners LP’s portfolio, making the stock its largest holding. JB Capital Partners LP owned 1.81% of RadNet at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Crossmark Global Holdings Inc. lifted its stake in RadNet by 3.3% in the fourth quarter. Crossmark Global Holdings Inc. now owns 5,048 shares of the medical research company’s stock worth $360,000 after acquiring an additional 163 shares during the period. Summit Financial LLC boosted its stake in RadNet by 1.3% during the 4th quarter. Summit Financial LLC now owns 12,563 shares of the medical research company’s stock worth $896,000 after purchasing an additional 166 shares during the period. Bank of Montreal Can raised its holdings in RadNet by 3.3% during the fourth quarter. Bank of Montreal Can now owns 5,557 shares of the medical research company’s stock worth $396,000 after purchasing an additional 180 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in RadNet by 2.9% in the first quarter. PNC Financial Services Group Inc. now owns 7,392 shares of the medical research company’s stock valued at $413,000 after purchasing an additional 207 shares during the period. Finally, Smartleaf Asset Management LLC increased its position in shares of RadNet by 16.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,586 shares of the medical research company’s stock worth $113,000 after acquiring an additional 225 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

Insider Activity

In other RadNet news, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction on 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 directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the sale, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. This trade represents a 6.43% decrease in their position. The SEC filing for this sale provides additional information. 5.14% of the stock is currently owned by company insiders.

RadNet Trading Up 0.3%

RadNet stock traded up $0.22 during trading on Friday, hitting $75.58. The company’s stock had a trading volume of 206,176 shares, compared to its average volume of 815,155. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of -279.92 and a beta of 1.36. The stock’s fifty day moving average is $66.89 and its 200 day moving average is $62.20. RadNet, Inc. has a 1-year low of $50.82 and a 1-year high of $85.84. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 EPS 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 firm had revenue of $622.72 million for the quarter, compared to analysts’ expectations of $610.87 million. During the same period in the previous year, the business earned $0.31 earnings per share. RadNet’s revenue for the quarter was up 25.0% compared to the same quarter last year. As a group, equities research analysts predict that RadNet, Inc. will post 0.49 EPS for the current year.

Analyst Ratings Changes

RDNT has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. Truist Financial lifted their target price on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Jefferies Financial Group restated a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Finally, Barclays lifted their target price on RadNet from $65.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $90.00.

About RadNet

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.