633,272 Shares in RadNet, Inc. $RDNT Purchased by Punch & Associates Investment Management Inc.

Key Points

• Punch & Associates Investment Management acquired 633,272 RadNet shares worth approximately $39.1 million, giving it a 0.80% stake and making RadNet its eighth-largest holding.
• RadNet reported quarterly EPS of $0.29, surpassing the $0.20 consensus estimate, while revenue rose 25% year over year to $622.7 million.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $88, although ratings range from “Strong Buy” to “Sell.”

Punch & Associates Investment Management Inc. bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 633,272 shares of the medical research company's stock, valued at approximately $39,054,000. RadNet accounts for 1.9% of Punch & Associates Investment Management Inc.'s holdings, making the stock its 8th biggest holding. Punch & Associates Investment Management Inc. owned 0.80% of RadNet as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. purchased a new stake in RadNet during the fourth quarter worth $25,000. Allworth Financial LP increased its position in shares of RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company's stock valued at $30,000 after buying an additional 305 shares in the last quarter. Danske Bank A S acquired a new position in shares of RadNet during the 3rd quarter worth $30,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of RadNet in the 4th quarter worth about $36,000. Finally, Harbour Investments Inc. acquired a new stake in RadNet in the 4th quarter valued at about $42,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Stock Performance

Shares of RDNT opened at $76.47 on Thursday. RadNet, Inc. has a 1 year low of $50.82 and a 1 year high of $85.84. The company's 50 day simple moving average is $66.46 and its 200 day simple moving average is $62.16. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of -283.21 and a beta of 1.36. 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 - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.09. The company had revenue of $622.72 million during the quarter, compared to the consensus estimate of $610.87 million. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.RadNet's revenue was up 25.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.31 EPS. On average, sell-side analysts predict that RadNet, Inc. will post 0.49 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RDNT. Jefferies Financial Group reiterated a "buy" rating on shares of RadNet in a research report on Friday, July 31st. Weiss Ratings restated a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Truist Financial upped 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. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a report on Thursday, August 13th. Finally, Barclays dropped their price target on RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, May 20th. 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $88.00.

Insider Transactions at RadNet

In other news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the transaction, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. This represents a 6.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David L. Swartz sold 2,699 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the sale, the director directly owned 177,013 shares in the company, valued at $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.14% of the stock is currently owned by company insiders.

RadNet 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.

Want to see what other hedge funds are holding RDNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RadNet, Inc. (NASDAQ:RDNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source