NewGen Asset Management Ltd Takes $1.78 Million Position in RadNet, Inc. $RDNT

NewGen Asset Management Ltd bought a new stake in RadNet, Inc. (NASDAQ:RDNT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 25,000 shares of the medical research company’s stock, valued at approximately $1,784,000. RadNet accounts for 1.1% of NewGen Asset Management Ltd’s investment portfolio, making the stock its 18th biggest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mairs & Power Inc. lifted its stake in shares of RadNet by 68.9% in the 3rd quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company’s stock valued at $7,429,000 after purchasing an additional 39,752 shares during the period. US Bancorp DE lifted its stake in shares of RadNet by 485.4% in the 3rd quarter. US Bancorp DE now owns 28,350 shares of the medical research company’s stock valued at $2,161,000 after purchasing an additional 23,507 shares during the period. Neuberger Berman Group LLC boosted its position in shares of RadNet by 59.4% in the 3rd quarter. Neuberger Berman Group LLC now owns 456,855 shares of the medical research company’s stock worth $34,817,000 after purchasing an additional 170,261 shares in the last quarter. Segall Bryant & Hamill LLC boosted its position in shares of RadNet by 15.5% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 368,934 shares of the medical research company’s stock worth $28,116,000 after purchasing an additional 49,527 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV bought a new stake in shares of RadNet in the 4th quarter worth approximately $1,118,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on RDNT shares. Barclays dropped 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. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $91.00 price target on shares of RadNet in a research report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $87.43.

Insider Transactions at RadNet

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total value of $932,250.00. Following the transaction, the insider directly owned 1,208,923 shares of the company’s stock, valued at approximately $75,134,564.45. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.60% of the company’s stock.

RadNet Stock Performance

Shares of RDNT opened at $57.05 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The business’s 50 day moving average price is $55.89 and its 200-day moving average price is $65.18. RadNet, Inc. has a 52 week low of $50.76 and a 52 week high of $85.84. The stock has a market cap of $4.49 billion, a P/E ratio of -316.93 and a beta of 1.41.

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

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.