Jupiter Topco LLC Invests $1.73 Million in RadNet, Inc. $RDNT

Key Points

• Jupiter Topco LLC purchased a new $1.73 million stake in RadNet during the second quarter, acquiring 27,987 shares. Institutional investors and hedge funds collectively own 77.9% of the company.
• Analyst sentiment is generally positive, with RadNet receiving a “Moderate Buy” consensus rating and an average price target of $90, despite one sell rating.
• RadNet exceeded quarterly expectations, reporting $0.29 EPS versus $0.20 expected and $622.72 million in revenue, up 25% year over year. CEO and director insiders subsequently sold shares, while insiders retain a 5.14% ownership stake.

Jupiter Topco LLC purchased a new stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund purchased 27,987 shares of the medical research company's stock, valued at approximately $1,726,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of RadNet in the 2nd quarter valued at about $675,768,000. RTW Investments LP grew its holdings in shares of RadNet by 39.9% during the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock valued at $281,012,000 after purchasing an additional 1,122,956 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of RadNet by 30.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company's stock valued at $192,581,000 after purchasing an additional 627,936 shares during the last quarter. State Street Corp raised its position in shares of RadNet by 1.6% during the 4th quarter. State Street Corp now owns 2,579,073 shares of the medical research company's stock worth $184,017,000 after purchasing an additional 41,356 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of RadNet by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company's stock worth $119,283,000 after purchasing an additional 6,655 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RDNT shares. Jefferies Financial Group restated a "buy" rating on shares of RadNet in a research report on Friday, July 31st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Barclays boosted their price target on shares of RadNet from $65.00 to $79.00 and gave the company an "overweight" rating in a report on Friday, August 28th. Finally, Truist Financial upped their price target on shares of RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, RadNet presently has an average rating of "Moderate Buy" and an average target price of $90.00.

Insiders Place Their Bets

In other news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares of the company's stock, valued at $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 sale, the director owned 177,013 shares of the company's stock, valued at approximately $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. Company insiders own 5.14% of the company's stock.

RadNet Stock Performance

Shares of RDNT stock opened at $74.62 on Friday. RadNet, Inc. has a 12-month low of $50.82 and a 12-month high of $85.84. The firm has a market capitalization of $5.87 billion, a price-to-earnings ratio of -276.36 and a beta of 1.41. The business has a 50 day simple moving average of $68.74 and a 200 day simple moving average of $62.43. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.48 and a quick ratio of 1.48.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $622.72 million for the quarter, compared to analysts' expectations of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The company's revenue was up 25.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 earnings per share. On average, equities research analysts anticipate that RadNet, Inc. will post 0.49 EPS for the current 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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