Fred Alger Management LLC Purchases New Stake in RadNet, Inc. (NASDAQ:RDNT)

Fred Alger Management LLC purchased a new position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 25,503 shares of the medical research company's stock, valued at approximately $1,781,000.

Several other institutional investors also recently made changes to their positions in RDNT. Barclays PLC boosted its holdings in RadNet by 373.8% in the third quarter. Barclays PLC now owns 116,978 shares of the medical research company's stock valued at $8,118,000 after acquiring an additional 92,291 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of RadNet by 12.0% in the 3rd quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company's stock worth $27,334,000 after purchasing an additional 41,381 shares during the period. Principal Financial Group Inc. raised its holdings in shares of RadNet by 8.5% in 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. JPMorgan Chase & Co. lifted its stake in shares of RadNet by 1.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company's stock valued at $9,229,000 after purchasing an additional 1,838 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in shares of RadNet by 3.2% during the 4th quarter. Harbor Capital Advisors Inc. now owns 415,000 shares of the medical research company's stock worth $28,984,000 after purchasing an additional 12,795 shares during the period. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Stock Down 1.2%

NASDAQ:RDNT traded down $0.75 during trading hours on Thursday, hitting $59.59. The stock had a trading volume of 404,012 shares, compared to its average volume of 679,107. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The business has a 50 day simple moving average of $51.03 and a two-hundred day simple moving average of $63.28. The company has a market cap of $4.47 billion, a PE ratio of -853.16 and a beta of 1.46. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65.

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

Insider Activity

In other news, Director David L. Swartz sold 25,000 shares of the business's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the sale, the director now directly owns 174,067 shares of the company's stock, valued at $8,849,566.28. The trade was a 12.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the completion of the transaction, the chief executive officer now owns 55,995 shares of the company's stock, valued at approximately $2,828,867.40. The trade was a 1.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock worth $1,926,730 over the last three months. Corporate insiders own 5.12% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RDNT shares. Truist Financial cut 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 shares of RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and reduced their target price for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. StockNews.com upgraded RadNet to a "sell" rating in a report on Monday. Finally, Jefferies Financial Group cut their price objective on RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $69.75.

RadNet 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.