Formula Growth Ltd. Acquires New Stake in RadNet, Inc. $RDNT

Formula Growth Ltd. acquired a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,176 shares of the medical research company’s stock, valued at approximately $1,059,000.

Other large investors have also bought and sold shares of the company. Geneos Wealth Management Inc. bought a new stake in shares of RadNet in the fourth quarter valued at $25,000. Allworth Financial LP grew its stake in shares of RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after acquiring an additional 305 shares during the period. Danske Bank A S purchased a new stake in RadNet in the 3rd quarter worth about $30,000. Eurizon Capital SGR S.p.A. purchased a new stake in RadNet in the 4th quarter worth about $36,000. Finally, Harbour Investments Inc. bought a new stake in RadNet in the 4th quarter valued at about $42,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RDNT has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a report on Friday, August 7th. Zacks Research upgraded shares of RadNet from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Barclays lowered their price target 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. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a report on Friday, July 31st. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $88.00.

RadNet Stock Down 1.5%

Shares of NASDAQ RDNT opened at $75.36 on Friday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94. The company has a market cap of $5.93 billion, a P/E ratio of -279.10 and a beta of 1.36. RadNet, Inc. has a 52 week low of $50.82 and a 52 week high of $85.84. The business has a 50-day simple moving average of $66.89 and a two-hundred day simple moving average of $62.20.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.09. The firm had revenue of $622.72 million for the quarter, compared to analysts’ expectations 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 revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 earnings per share. Research analysts anticipate that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

Insider Activity at RadNet

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the sale, the director owned 177,013 shares in the company, valued at $9,539,230.57. This trade represents a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.14% of the company’s stock.

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.