Portland Investment Counsel Inc. Buys New Stake in RadNet, Inc. $RDNT

Key Points

• Portland Investment Counsel acquired 42,000 RadNet shares during the second quarter, worth approximately $2.59 million, making RDNT about 0.7% of its portfolio. Institutional investors collectively own 77.9% of RadNet.
• Analyst sentiment is generally positive, with RadNet receiving a “Moderate Buy” consensus rating and an average price target of $88, despite mixed recommendations ranging from “Strong Buy” to “Sell.”
• RadNet exceeded quarterly earnings expectations, reporting $0.29 EPS versus the $0.20 estimate and revenue of $622.72 million, up 25% year over year. The stock opened at $76.82, near its 12-month high of $85.84.

Portland Investment Counsel Inc. bought a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 42,000 shares of the medical research company's stock, valued at approximately $2,590,000. RadNet accounts for about 0.7% of Portland Investment Counsel Inc.'s portfolio, making the stock its 18th biggest position. Portland Investment Counsel Inc. owned about 0.05% of RadNet at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RDNT. BlackRock Inc. acquired a new stake in shares of RadNet in the second quarter valued at about $675,768,000. JB Capital Partners LP bought a new position in shares of RadNet in the second quarter worth about $87,821,842,000. RTW Investments LP lifted its position in shares of RadNet by 39.9% during the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock worth $281,012,000 after purchasing an additional 1,122,956 shares during the last quarter. Polar Capital Holdings Plc acquired a new position in shares of RadNet during the 3rd quarter worth about $63,423,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in RadNet by 30.3% during the 4th 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 period. Institutional investors and hedge funds own 77.90% of the company's stock.

Wall Street Analyst Weigh In

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

RadNet Price Performance

NASDAQ RDNT opened at $76.82 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a 50-day simple moving average of $65.23 and a 200 day simple moving average of $61.98. RadNet, Inc. has a twelve month low of $50.82 and a twelve month high of $85.84. The stock has a market cap of $6.05 billion, a PE ratio of -284.51 and a beta of 1.36.

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 (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. The firm 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%.The company's quarterly revenue was up 25.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 earnings per share. On average, research analysts forecast that RadNet, Inc. will post 0.49 EPS for the current year.

Insider Activity at RadNet

In other news, Director David L. Swartz sold 2,699 shares of RadNet 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 trade represents a 1.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the business's 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 sale, 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 disclosure for this sale is available in the SEC filing. 5.14% of the stock is currently owned by company insiders.

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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