Paradigm Capital Management Inc. NY Makes New $9.58 Million Investment in RadNet, Inc. $RDNT

Paradigm Capital Management Inc. NY purchased a new position in shares of RadNet, Inc. (NASDAQ:RDNT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 155,400 shares of the medical research company’s stock, valued at approximately $9,584,000. Paradigm Capital Management Inc. NY owned about 0.20% of RadNet as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of RDNT. AQR Capital Management LLC boosted its stake in RadNet by 5.4% in the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after purchasing an additional 350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in RadNet by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock valued at $1,956,000 after purchasing an additional 1,699 shares in the last quarter. Jones Financial Companies Lllp increased its stake in RadNet by 563.4% during the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock valued at $85,000 after purchasing an additional 1,448 shares in the last quarter. United Services Automobile Association purchased a new position in shares of RadNet in the first quarter worth $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of RadNet by 2.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock worth $21,904,000 after buying an additional 8,762 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Transactions at RadNet

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet 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 in the company, valued at approximately $4,013,948.25. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the transaction, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 5.14% of the company’s stock.

RadNet Stock Down 2.8%

NASDAQ:RDNT opened at $74.69 on Tuesday. The firm has a market capitalization of $5.88 billion, a P/E ratio of -276.62 and a beta of 1.36. RadNet, Inc. has a 1-year low of $50.82 and a 1-year high of $85.84. The company’s fifty day moving average price is $65.58 and its 200-day moving average price is $62.01. 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 (NASDAQ:RDNT) last posted its earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The company had revenue of $622.72 million during the quarter, compared to the consensus estimate of $610.87 million. During the same period in the previous year, the firm posted $0.31 earnings per share. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. As a group, equities research analysts anticipate that RadNet, Inc. will post 0.49 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.