42,000 Shares in RadNet, Inc. $RDNT Purchased by Portland Investment Counsel Inc.

Portland Investment Counsel Inc. purchased a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 42,000 shares of the medical research company’s stock, valued at approximately $2,590,000. RadNet accounts for approximately 0.7% of Portland Investment Counsel Inc.’s investment portfolio, making the stock its 18th largest holding.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. bought a new stake in shares of RadNet in the 4th quarter valued at approximately $25,000. Allworth Financial LP raised its holdings in shares of RadNet by 346.6% in the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after buying an additional 305 shares in the last quarter. Danske Bank A S bought a new position in shares of RadNet during the 3rd quarter worth approximately $30,000. Eurizon Capital SGR S.p.A. bought a new position in shares of RadNet during the 4th quarter worth approximately $36,000. Finally, Harbour Investments Inc. acquired a new stake in RadNet in the 4th quarter valued at $42,000. 77.90% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction dated 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 transaction, the director directly owned 177,013 shares of the company’s stock, valued at $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, 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 SEC filing for this sale provides additional information. Company insiders own 5.14% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on RDNT shares. Barclays lowered their price target on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Truist Financial lifted 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. Jefferies Financial Group restated a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a report on Friday, August 7th. Finally, Zacks Research upgraded shares of RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Two research 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 given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

RadNet Stock Performance

NASDAQ:RDNT opened at $76.82 on Monday. The stock has a market capitalization of $6.05 billion, a P/E ratio of -284.51 and a beta of 1.36. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94. RadNet, Inc. has a 1 year low of $50.82 and a 1 year high of $85.84. The firm has a 50 day moving average of $65.23 and a 200-day moving average of $61.98.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The business had revenue of $622.72 million for the quarter, compared to analyst estimates of $610.87 million. During the same period in the prior year, the company earned $0.31 EPS. RadNet’s revenue for the quarter was up 25.0% on a year-over-year basis. As a group, sell-side analysts anticipate that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

About RadNet

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.