Robotti Robert Invests $7.46 Million in RadNet, Inc. $RDNT

Key Points

• Robotti Robert initiated a $7.46 million position in RadNet during the second quarter, buying 120,972 shares. The investment represents 1.2% of the firm’s portfolio and approximately 0.15% of RadNet’s outstanding shares.
• Institutional ownership remains high at 77.9%, with BlackRock, RTW Investments, Polar Capital, T. Rowe Price and Ameriprise among major investors that recently increased or initiated positions.
• RadNet reported quarterly revenue of $622.72 million, up 25% year over year, and EPS of $0.29, exceeding analysts’ $0.20 estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $88, although the stock recently traded down 2.8% to $73.83.

Robotti Robert bought a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 120,972 shares of the medical research company's stock, valued at approximately $7,460,000. RadNet comprises 1.2% of Robotti Robert's holdings, making the stock its 22nd biggest position. Robotti Robert owned approximately 0.15% of RadNet as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in RDNT. BlackRock Inc. purchased a new position in shares of RadNet during the 2nd quarter valued at $675,768,000. RTW Investments LP increased its holdings in RadNet by 39.9% in the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock worth $281,012,000 after acquiring an additional 1,122,956 shares during the last quarter. Polar Capital Holdings Plc purchased a new stake in RadNet in the 3rd quarter worth about $63,423,000. Price T Rowe Associates Inc. MD raised its stake in RadNet by 30.3% in 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 acquiring an additional 627,936 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in RadNet by 79.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company's stock valued at $79,364,000 after acquiring an additional 618,392 shares during the period. 77.90% of the stock is currently owned by institutional investors.

RadNet Trading Down 2.8%

RadNet stock opened at $73.83 on Wednesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. RadNet, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $85.84. The stock has a market cap of $5.81 billion, a P/E ratio of -273.43 and a beta of 1.36. The firm's fifty day moving average price is $64.10 and its 200-day moving average price is $61.85.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings data 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. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The company had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. During the same quarter last year, the company earned $0.31 earnings per share. The firm's quarterly revenue was up 25.0% on a year-over-year basis. Equities research analysts forecast that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Cornelis Wesdorp sold 4,750 shares of the business'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 completion of the transaction, the chief executive officer owned 69,075 shares of the company's stock, valued at approximately $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the company'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 completion of the transaction, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 5.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RDNT. Barclays cut their target price on shares of RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, May 20th. Zacks Research raised shares of 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. Truist Financial raised their price objective on shares of RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of RadNet in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $88.00.

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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