Jupiter Topco LLC Makes New Investment in RadNet, Inc. $RDNT

Jupiter Topco LLC purchased a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 27,987 shares of the medical research company’s stock, valued at approximately $1,726,000.

Several other institutional investors have also made changes to their positions in RDNT. BlackRock Inc. bought a new stake in shares of RadNet in the 2nd quarter valued at approximately $675,768,000. JB Capital Partners LP bought a new position in RadNet during the second quarter valued at approximately $87,821,842. RTW Investments LP lifted its stake in RadNet by 39.9% in 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 acquiring an additional 1,122,956 shares during the last quarter. Polar Capital Holdings Plc acquired a new stake in RadNet in the third quarter valued at approximately $63,423,000. Finally, Price T Rowe Associates Inc. MD grew its position in RadNet by 30.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock worth $192,581,000 after acquiring an additional 627,936 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at RadNet

In other news, Director David 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 directly owned 177,013 shares in the company, valued at $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 SEC filing for this sale provides additional information. Insiders own 5.14% of the company’s stock.

RadNet Stock Performance

Shares of RDNT opened at $74.62 on Friday. The company has a market capitalization of $5.87 billion, a PE ratio of -276.36 and a beta of 1.41. 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, Inc. has a one year low of $50.82 and a one year high of $85.84. The company’s fifty day moving average price is $68.74 and its 200 day moving average price is $62.43.

RadNet (NASDAQ:RDNT) 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 company had revenue of $622.72 million for the quarter, compared to the consensus estimate of $610.87 million. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The firm’s revenue was up 25.0% compared to the same quarter last year. During the same period last year, the business posted $0.31 earnings per share. As a group, analysts expect that RadNet, Inc. will post 0.49 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Barclays raised 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. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Truist Financial raised their target price on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Finally, Zacks Research upgraded RadNet from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, RadNet presently has an average rating of “Moderate Buy” and an average price target of $90.00.

RadNet Company Profile

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.