Bessemer Group Inc. Acquires 56,173 Shares of RadNet, Inc. $RDNT

Bessemer Group Inc. lifted its stake in RadNet, Inc. (NASDAQ:RDNT) by 11.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 550,172 shares of the medical research company’s stock after buying an additional 56,173 shares during the period. Bessemer Group Inc.’s holdings in RadNet were worth $30,749,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Nations Financial Group Inc. IA ADV bought a new stake in RadNet in the fourth quarter valued at $1,118,000. Campbell Newman Asset Management Inc. bought a new stake in shares of RadNet in the 4th quarter worth about $1,773,000. Assenagon Asset Management S.A. acquired a new stake in shares of RadNet during the 4th quarter worth about $756,000. Ellsworth Advisors LLC acquired a new stake in shares of RadNet during the 4th quarter worth about $741,000. Finally, NewGen Asset Management Ltd bought a new position in RadNet during the 4th quarter valued at about $1,784,000. 77.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the business’s 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 approximately $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction 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 represents a 1.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.60% of the company’s stock.

RadNet Stock Performance

Shares of NASDAQ:RDNT opened at $62.19 on Friday. RadNet, Inc. has a twelve month low of $50.76 and a twelve month high of $85.84. The firm has a market cap of $4.89 billion, a PE ratio of -345.48 and a beta of 1.37. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17. The business has a fifty day moving average of $57.99 and a 200-day moving average of $62.76.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The business had revenue of $575.63 million during the quarter, compared to the consensus estimate of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.50) earnings per share. On average, equities research analysts predict that RadNet, Inc. will post 0.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDNT has been the topic of a number of recent analyst reports. Barclays reduced 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. Zacks Research cut shares of RadNet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Finally, Weiss Ratings downgraded RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $87.43.

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.