Beck Mack & Oliver LLC Grows Stake in RadNet, Inc. $RDNT

Key Points

• Beck Mack & Oliver LLC increased its stake in RadNet, Inc. by 6.9%, owning 3,280,449 shares which is now 3.2% of its portfolio, valued at approximately $163 million.
• RadNet reported a positive earnings surprise for Q2 with earnings per share of $0.31, exceeding estimates by $0.14, and revenue of $498.23 million, up 8.4% year-over-year.
• Multiple analysts have rated RadNet stock with a consensus "Buy" rating and a price target of $71.60, while some institutions like Morgan Stanley and Truist Financial have given it an "overweight" rating with higher price targets.

Beck Mack & Oliver LLC boosted its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 6.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,280,449 shares of the medical research company's stock after buying an additional 211,570 shares during the quarter. RadNet makes up about 3.2% of Beck Mack & Oliver LLC's holdings, making the stock its 9th largest position. Beck Mack & Oliver LLC owned 4.37% of RadNet worth $163,104,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Headlands Technologies LLC bought a new position in RadNet in the 1st quarter worth about $28,000. GAMMA Investing LLC boosted its holdings in RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after purchasing an additional 300 shares during the last quarter. Tower Research Capital LLC TRC increased its position in RadNet by 42.2% during 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 during the period. US Bancorp DE boosted its holdings in shares of RadNet by 4,620.8% during the 1st quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock valued at $181,000 after acquiring an additional 3,558 shares in the last quarter. Finally, Aquatic Capital Management LLC acquired a new position in shares of RadNet during the 4th quarter valued at $187,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at RadNet

In other news, COO Norman R. Hames sold 5,000 shares of the firm's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $71.10, for a total value of $355,500.00. Following the completion of the sale, the chief operating officer owned 19,889 shares in the company, valued at approximately $1,414,107.90. This trade represents a 20.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ranjan Jayanathan sold 65,598 shares of the company's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the transaction, the insider owned 138,198 shares of the company's stock, valued at $9,328,365. This represents a 32.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 89,098 shares of company stock worth $6,045,105. 5.60% of the stock is currently owned by insiders.

RadNet Stock Performance

Shares of RDNT stock traded up $0.64 on Wednesday, hitting $70.95. The company had a trading volume of 392,902 shares, compared to its average volume of 1,030,315. The firm has a market cap of $5.46 billion, a P/E ratio of -354.73 and a beta of 1.54. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The company has a 50-day moving average price of $60.80 and a 200-day moving average price of $56.44.

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

Analyst Upgrades and Downgrades

RDNT has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. Raymond James Financial reiterated a "strong-buy" rating and issued a $75.00 target price (up from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Truist Financial lifted their price target on RadNet from $74.00 to $81.00 and gave the stock a "buy" rating in a research note on Wednesday. Zacks Research raised RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Finally, Barclays boosted their target price on shares of RadNet from $60.00 to $79.00 and gave the stock an "overweight" rating in a research report on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, RadNet has an average rating of "Buy" and an average target price of $76.80.

RadNet Company Profile

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.