BlackRock Inc. Takes Position in RadNet, Inc. $RDNT

Key Points

• BlackRock acquired 10.96 million RadNet shares in the second quarter, worth approximately $675.8 million, giving it a 13.94% stake. Institutional investors collectively own 77.9% of the company.
• RadNet reported quarterly revenue of $622.7 million, up 25% year over year, and adjusted earnings of $0.29 per share, exceeding analysts’ $0.20 estimate.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $88, though insider selling and conflicting ratings—including a “sell” from Weiss Ratings—highlight mixed signals.

BlackRock Inc. acquired a new position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,957,808 shares of the medical research company's stock, valued at approximately $675,768,000. BlackRock Inc. owned 13.94% of RadNet as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Deutsche Bank AG acquired a new stake in RadNet during the 2nd quarter worth about $30,586,000. Beverly Hills Private Wealth LLC bought a new position in shares of RadNet in the 2nd quarter worth about $290,000. Bank of New York Mellon Corp acquired a new position in shares of RadNet in the 2nd quarter valued at about $25,937,000. E. Ohman J or Asset Management AB lifted its stake in shares of RadNet by 1,144.3% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 452,966 shares of the medical research company's stock valued at $27,934,000 after purchasing an additional 416,563 shares during the period. Finally, Fulton Bank N.A. boosted its position in shares of RadNet by 8.4% during the 2nd quarter. Fulton Bank N.A. now owns 10,014 shares of the medical research company's stock valued at $618,000 after purchasing an additional 779 shares in the last quarter. Institutional investors own 77.90% of the company's stock.

Insider Buying and Selling at RadNet

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the company'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 transaction, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the firm's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the transaction, the director directly owned 177,013 shares in the company, valued at $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 5.14% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of RadNet in a research note on Friday, July 31st. Zacks Research raised RadNet from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Barclays cut their price target on RadNet from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, May 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Finally, Truist Financial lifted their price objective on shares of RadNet from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $88.00.

RadNet Stock Performance

Shares of RadNet stock opened at $76.82 on Monday. The business has a 50-day simple moving average of $65.23 and a 200 day simple moving average of $61.98. RadNet, Inc. has a one year low of $50.82 and a one year high of $85.84. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a market capitalization of $6.05 billion, a price-to-earnings ratio of -284.51 and a beta of 1.36.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.09. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The business had revenue of $622.72 million for the quarter, compared to analyst estimates of $610.87 million. During the same quarter in the prior year, the company earned $0.31 earnings per share. The company's quarterly revenue was up 25.0% on a year-over-year basis. On average, research 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.

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