JB Capital Partners LP Lowers Stake in RadNet, Inc. $RDNT

JB Capital Partners LP lessened its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 3.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,424,061 shares of the medical research company’s stock after selling 50,000 shares during the period. RadNet accounts for 18.4% of JB Capital Partners LP’s investment portfolio, making the stock its largest position. JB Capital Partners LP owned about 1.85% of RadNet worth $108,528,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in RadNet by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 7,483,869 shares of the medical research company’s stock valued at $570,346,000 after acquiring an additional 95,015 shares during the period. Beck Mack & Oliver LLC boosted its position in RadNet by 0.4% during the third quarter. Beck Mack & Oliver LLC now owns 3,276,774 shares of the medical research company’s stock worth $249,723,000 after purchasing an additional 13,633 shares during the period. Geode Capital Management LLC increased its stake in shares of RadNet by 2.3% in the second quarter. Geode Capital Management LLC now owns 1,640,188 shares of the medical research company’s stock worth $93,354,000 after purchasing an additional 37,403 shares in the last quarter. Invesco Ltd. increased its stake in shares of RadNet by 7.2% in the second quarter. Invesco Ltd. now owns 1,629,693 shares of the medical research company’s stock worth $92,746,000 after purchasing an additional 108,863 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of RadNet by 1.4% in the third quarter. Ameriprise Financial Inc. now owns 1,413,734 shares of the medical research company’s stock valued at $107,741,000 after purchasing an additional 19,182 shares during the period. Institutional investors own 77.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RDNT shares. UBS Group set a $92.00 price target on shares of RadNet in a research note on Friday, January 9th. Raymond James Financial reiterated a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research report on Monday, December 29th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $91.00 price target on shares of RadNet in a report on Tuesday, March 3rd. Finally, B. Riley Financial lifted their price target on RadNet from $71.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.43.

RadNet Price Performance

RDNT stock opened at $62.09 on Monday. The firm has a 50 day moving average of $70.23 and a 200-day moving average of $74.11. The firm has a market capitalization of $4.82 billion, a P/E ratio of -248.36 and a beta of 1.49. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $85.84. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT) last posted its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The business had revenue of $547.71 million for the quarter, compared to analyst estimates of $515.67 million. During the same quarter in the prior year, the firm posted $0.22 EPS. RadNet’s revenue was up 14.8% on a year-over-year basis. As a group, sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

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.