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

NewGen Asset Management Ltd lifted its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 48.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund 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 investment portfolio, making the stock its 14th largest position. NewGen Asset Management Ltd owned 0.06% of RadNet worth $3,017,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new stake in RadNet during the 4th quarter worth about $30,000. Fifth Third Bancorp lifted its position in shares of RadNet by 84.3% during the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock worth $47,000 after purchasing an additional 305 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in RadNet by 377.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock valued at $96,000 after buying an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in RadNet by 42.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after buying an additional 422 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in RadNet during the 4th quarter worth about $105,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other RadNet news, CEO Cornelis Wesdorp sold 2,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total value of $105,160.00. Following the completion of the transaction, the chief executive officer now directly owns 58,995 shares of the company's stock, valued at approximately $3,101,957.10. This trade represents a 3.28 % 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 25,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the sale, the director now directly owns 174,067 shares in the company, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,000 shares of company stock worth $1,926,730. 5.12% of the stock is owned by corporate insiders.

RadNet Stock Performance

Shares of RDNT opened at $50.26 on Friday. The stock has a market capitalization of $3.72 billion, a P/E ratio of -717.90 and a beta of 1.59. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The company's fifty day moving average is $51.71 and its two-hundred day moving average is $64.42.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The firm had revenue of $477.10 million during the quarter, compared to analysts' expectations of $459.42 million. On average, sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current year.

About RadNet

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.

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