Punch & Associates Investment Management Inc. Has $34.52 Million Stock Position in RadNet, Inc. $RDNT

Key Points

• Punch & Associates Investment Management Inc. increased its stake in RadNet, Inc. by 4.4% in Q1, now holding approximately 694,243 shares, making it the firm's second-largest investment.
• RadNet reported earnings of $0.31 per share for the quarter, surpassing the consensus estimate by $0.14, with revenue rising by 8.4% year-over-year to $498.23 million.
• Institutional investors own 77.90% of RadNet's stock, highlighting significant confidence in the company's future potential.

Punch & Associates Investment Management Inc. raised its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 4.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 694,243 shares of the medical research company's stock after purchasing an additional 29,399 shares during the period. RadNet accounts for 2.3% of Punch & Associates Investment Management Inc.'s portfolio, making the stock its 2nd largest position. Punch & Associates Investment Management Inc. owned approximately 0.93% of RadNet worth $34,518,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in shares of RadNet in the 1st quarter worth approximately $28,000. GAMMA Investing LLC raised its stake in RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock valued at $82,000 after buying an additional 300 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in RadNet by 42.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after acquiring an additional 422 shares in the last quarter. US Bancorp DE boosted its holdings in RadNet by 4,620.8% in the first quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock worth $181,000 after acquiring an additional 3,558 shares in the last quarter. Finally, Highland Capital Management LLC grew its position in RadNet by 24.8% during the 1st quarter. Highland Capital Management LLC now owns 4,128 shares of the medical research company's stock valued at $205,000 after purchasing an additional 821 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other RadNet news, insider Ranjan Jayanathan sold 65,598 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the sale, the insider owned 138,198 shares of the company's stock, valued at $9,328,365. This trade represents a 32.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Cornelis Wesdorp sold 1,500 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $66.98, for a total value of $100,470.00. Following the transaction, the chief executive officer owned 54,495 shares of the company's stock, valued at $3,650,075.10. This trade represents a 2.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 89,098 shares of company stock worth $6,045,105 over the last 90 days. Insiders own 5.60% of the company's stock.

RadNet Trading Up 1.5%

Shares of RadNet stock traded up $1.09 on Tuesday, reaching $73.08. The company had a trading volume of 390,320 shares, compared to its average volume of 770,228. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of -365.38 and a beta of 1.54. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. The firm's 50-day moving average price is $62.02 and its two-hundred day moving average price is $56.69. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.14. The company had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.RadNet's revenue was up 8.4% on a year-over-year basis. During the same period last year, the company earned $0.16 earnings per share. As a group, research analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on RDNT shares. Raymond James Financial reiterated a "strong-buy" rating and set a $75.00 target price (up from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. B. Riley began coverage on shares of RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 target price for the company. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research note on Monday, August 11th. Finally, Barclays boosted their price target on RadNet from $60.00 to $79.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $76.80.

About RadNet

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.