Fred Alger Management LLC Acquires 57,583 Shares of RadNet, Inc. $RDNT

Fred Alger Management LLC boosted its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 11.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 547,850 shares of the medical research company’s stock after purchasing an additional 57,583 shares during the quarter. Fred Alger Management LLC owned about 0.71% of RadNet worth $39,089,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. purchased a new position in RadNet during the 4th quarter valued at approximately $25,000. Allworth Financial LP grew its holdings in RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after buying an additional 305 shares in the last quarter. Danske Bank A S purchased a new position in RadNet during the 3rd quarter valued at approximately $30,000. Jones Financial Companies Lllp grew its holdings in RadNet by 62.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after buying an additional 171 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new position in RadNet during the 4th quarter valued at approximately $36,000. Institutional investors own 77.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Jefferies Financial Group restated a “buy” rating and set a $91.00 price target on shares of RadNet in a report on Tuesday, March 3rd. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Finally, Barclays cut their price target on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $87.43.

RadNet Stock Performance

NASDAQ RDNT opened at $56.51 on Wednesday. The stock has a market capitalization of $4.44 billion, a PE ratio of -313.93 and a beta of 1.41. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17. The business has a 50 day simple moving average of $55.92 and a two-hundred day simple moving average of $64.99. RadNet, Inc. has a 1-year low of $50.76 and a 1-year high of $85.84.

RadNet (NASDAQ:RDNT) last announced its 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). The company had revenue of $575.63 million during the quarter, compared to analysts’ expectations of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.RadNet’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.50) EPS. On average, research analysts predict that RadNet, Inc. will post 0.54 EPS 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.