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

Key Points

• JB Capital Partners acquired 1,424,061 RadNet shares in the second quarter, giving it a 1.81% stake and making RDNT its largest portfolio holding at 13.6%.
• Institutional investors own 77.9% of RadNet, while insiders own 5.14%; however, the CEO and a director recently sold shares.
• RadNet exceeded quarterly expectations with EPS of $0.29 versus a $0.20 estimate and revenue of $622.7 million, up 25% year over year. Analysts maintain a “Moderate Buy” consensus with an average $88 price target.

JB Capital Partners LP acquired a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,424,061 shares of the medical research company's stock, valued at approximately $87,821,842,000. RadNet accounts for approximately 13.6% of JB Capital Partners LP's portfolio, making the stock its biggest position. JB Capital Partners LP owned 1.81% of RadNet as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RDNT. Bank of America Corp DE increased its stake in RadNet by 15.1% in the first quarter. Bank of America Corp DE now owns 589,610 shares of the medical research company's stock valued at $32,953,000 after acquiring an additional 77,198 shares during the period. Van Berkom & Associates Inc. lifted its stake in RadNet by 24.9% during the first quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company's stock worth $57,488,000 after purchasing an additional 204,858 shares during the period. E. Ohman J or Asset Management AB lifted its stake in RadNet by 1,144.3% during the second quarter. E. Ohman J or Asset Management AB now owns 452,966 shares of the medical research company's stock worth $27,934,000 after purchasing an additional 416,563 shares during the period. Bessemer Group Inc. lifted its stake in RadNet by 11.4% during the fourth quarter. Bessemer Group Inc. now owns 493,999 shares of the medical research company's stock worth $35,248,000 after purchasing an additional 50,690 shares during the period. Finally, Robotti Robert acquired a new stake in RadNet during the second quarter valued at approximately $7,460,000. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Transactions at RadNet

In related news, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the transaction, the director directly owned 177,013 shares of the company's stock, valued at $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was 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 trade represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RDNT. Jefferies Financial Group reissued a "buy" rating on shares of RadNet in a report on Friday, July 31st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RadNet in a research note on Friday, August 7th. Truist Financial upped their price target on RadNet from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Finally, Barclays cut their price objective on RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, May 20th. Two 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $88.00.

RadNet Stock Performance

NASDAQ:RDNT opened at $76.82 on Friday. The stock has a market capitalization of $6.05 billion, a P/E ratio of -284.51 and a beta of 1.36. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94. RadNet, Inc. has a 1 year low of $50.82 and a 1 year high of $85.84. The firm has a 50 day moving average of $65.23 and a 200-day moving average of $62.04.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.09. The business had revenue of $622.72 million for the quarter, compared to analyst estimates 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 for the quarter was up 25.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.31 EPS. As a group, sell-side analysts anticipate that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

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.

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