Paradigm Capital Management Inc. NY Invests $9.58 Million in RadNet, Inc. $RDNT

Paradigm Capital Management Inc. NY purchased a new stake in RadNet, Inc. (NASDAQ:RDNT) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 155,400 shares of the medical research company’s stock, valued at approximately $9,584,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RDNT. Portland Investment Counsel Inc. purchased a new position in RadNet during the second quarter worth approximately $2,590,000. Sanctuary Advisors LLC purchased a new stake in RadNet in the 2nd quarter valued at $236,000. Elevation Point Wealth Partners LLC purchased a new stake in RadNet in the 2nd quarter valued at $439,000. Callan Family Office LLC acquired a new stake in shares of RadNet in the 2nd quarter worth $392,000. Finally, JB Capital Partners LP purchased a new position in shares of RadNet during the 2nd quarter worth $87,821,842,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Activity

In other news, CEO Cornelis Wesdorp sold 4,750 shares of the business’s 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 sale, the chief executive officer directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 represents a 1.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.14% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Barclays decreased their target price on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Truist Financial increased their price target on shares of RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Finally, Jefferies Financial Group restated a “buy” rating on shares of RadNet in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $88.00.

RadNet Stock Performance

Shares of RadNet stock opened at $74.69 on Tuesday. The firm has a market cap of $5.88 billion, a PE ratio of -276.62 and a beta of 1.36. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94. RadNet, Inc. has a 52 week low of $50.82 and a 52 week high of $85.84. The business’s fifty day simple moving average is $65.58 and its 200-day simple moving average is $62.01.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $622.72 million during 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 company’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period last year, the company earned $0.31 EPS. Equities analysts forecast that RadNet, Inc. will post 0.49 earnings per share for the current year.

RadNet 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.