Punch & Associates Investment Management Inc. Purchases New Stake in RadNet, Inc. $RDNT

Punch & Associates Investment Management Inc. acquired a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 633,272 shares of the medical research company’s stock, valued at approximately $39,054,000. RadNet accounts for about 1.9% of Punch & Associates Investment Management Inc.’s holdings, making the stock its 8th biggest position.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in RadNet during the 2nd quarter worth $675,768,000. JB Capital Partners LP purchased a new position in RadNet in the second quarter valued at about $87,821,842,000. Bamco Inc. NY acquired a new position in shares of RadNet during the second quarter worth about $77,765,000. RTW Investments LP boosted its position in shares of RadNet by 39.9% in the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock worth $281,012,000 after buying an additional 1,122,956 shares during the period. Finally, Polar Capital Holdings Plc purchased a new stake in shares of RadNet in the third quarter worth about $63,423,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on RDNT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a report on Friday, August 7th. Jefferies Financial Group restated a “buy” rating on shares of RadNet in a report on Friday, July 31st. Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Truist Financial lifted their price objective 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, Barclays reduced their target price on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Two investment 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $88.00.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $76.47 on Thursday. 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 fifty-two week low of $50.82 and a fifty-two week high of $85.84. The business has a 50 day moving average price of $66.46 and a two-hundred day moving average price of $62.16. The firm has a market cap of $6.02 billion, a PE ratio of -283.21 and a beta of 1.36.

RadNet (NASDAQ:RDNT) last announced 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. The company had revenue of $622.72 million for the quarter, compared to analyst estimates of $610.87 million. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.RadNet’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 EPS. Sell-side analysts expect that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction 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 $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David L. Swartz sold 2,699 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director owned 177,013 shares in the company, valued at $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is currently owned by insiders.

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.