Bessemer Group Inc. Acquires 16,254 Shares of RadNet, Inc. $RDNT

Bessemer Group Inc. raised its holdings in RadNet, Inc. (NASDAQ:RDNT) by 4.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 374,347 shares of the medical research company’s stock after buying an additional 16,254 shares during the quarter. Bessemer Group Inc. owned 0.50% of RadNet worth $21,304,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC acquired a new stake in shares of RadNet in the 1st quarter valued at $28,000. Family Legacy Financial Solutions LLC acquired a new stake in shares of RadNet in the 2nd quarter valued at $85,000. GAMMA Investing LLC boosted its stake in shares of RadNet by 22.3% in the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company’s stock valued at $82,000 after purchasing an additional 300 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of RadNet by 563.4% in 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. Finally, Strs Ohio acquired a new stake in shares of RadNet in the 1st quarter valued at $139,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on RDNT. Zacks Research upgraded shares of RadNet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Raymond James Financial reiterated a “strong-buy” rating and set a $75.00 price target (up previously from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Wall Street Zen upgraded shares of RadNet from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Truist Financial upped their price target on shares of RadNet from $74.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Finally, Morgan Stanley upgraded shares of RadNet to an “overweight” rating in a research report on Monday, August 11th. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $76.80.

RadNet Stock Performance

RadNet stock opened at $79.10 on Wednesday. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The company has a market cap of $6.08 billion, a PE ratio of -395.48 and a beta of 1.59. The company’s 50-day moving average is $74.87 and its two-hundred day moving average is $62.94.

RadNet (NASDAQ:RDNT) last released its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The company had revenue of $498.23 million for the quarter, compared to the consensus estimate of $488.06 million. During the same period in the prior year, the company posted $0.16 EPS. The company’s revenue was up 8.4% compared to the same quarter last year. Equities analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity at RadNet

In related news, insider Ranjan Jayanathan sold 65,598 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the sale, the insider directly owned 138,198 shares in the company, valued at $9,328,365. This trade represents a 32.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Stolper sold 35,000 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $73.89, for a total transaction of $2,586,150.00. Following the completion of the sale, the executive vice president owned 68,012 shares in the company, valued at $5,025,406.68. This represents a 33.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 135,098 shares of company stock worth $9,430,715. Insiders own 5.60% of the company’s stock.

RadNet Company Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.