NewGen Asset Management Ltd Increases Stock Position in RadNet, Inc. (NASDAQ:RDNT)

NewGen Asset Management Ltd grew its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 48.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 43,200 shares of the medical research company’s stock after acquiring an additional 14,130 shares during the quarter. RadNet accounts for 2.7% of NewGen Asset Management Ltd’s portfolio, making the stock its 14th largest position. NewGen Asset Management Ltd’s holdings in RadNet were worth $3,017,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in RDNT. Barclays PLC boosted its stake in shares of RadNet by 373.8% during the 3rd quarter. Barclays PLC now owns 116,978 shares of the medical research company’s stock worth $8,118,000 after purchasing an additional 92,291 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in RadNet in the 3rd quarter worth approximately $211,000. Franklin Resources Inc. raised its holdings in RadNet by 12.0% in the 3rd quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company’s stock valued at $27,334,000 after acquiring an additional 41,381 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of RadNet by 8.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock worth $104,539,000 after purchasing an additional 118,501 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of RadNet by 1.4% during the third quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company’s stock worth $9,229,000 after purchasing an additional 1,838 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Activity

In related news, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the sale, the director now directly owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. This trade represents a 12.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Norman R. Hames sold 5,000 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the transaction, the chief operating officer now owns 261,959 shares in the company, valued at $13,042,938.61. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock worth $1,926,730 over the last 90 days. Company insiders own 5.12% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. StockNews.com raised RadNet to a “sell” rating in a research note on Wednesday, March 19th. Jefferies Financial Group dropped their price target on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Truist Financial decreased their price target on shares of RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Barclays dropped their price objective on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, March 24th. Finally, Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price target for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $69.75.

RadNet Stock Down 0.4 %

Shares of RadNet stock opened at $50.26 on Friday. The company has a fifty day moving average price of $51.71 and a 200 day moving average price of $64.42. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of -717.90 and a beta of 1.59.

RadNet (NASDAQ:RDNT) last posted its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. Equities research analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

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.