RadNet, Inc. $RDNT Shares Acquired by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC increased its holdings in RadNet, Inc. by 346.5% during the first quarter, now owning approximately 0.15% of the company valued at about $5.66 million.
• RadNet's stock has seen significant interest from institutional investors, with 77.90% of shares currently held by them, including notable increases from American Century Companies Inc. and T. Rowe Price Investment Management Inc.
• The company recently reported earnings of $0.31 per share, surpassing estimates, while its revenue of $498.23 million marked an 8.4% increase compared to the previous year.

Fred Alger Management LLC boosted its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 346.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,868 shares of the medical research company's stock after buying an additional 88,365 shares during the quarter. Fred Alger Management LLC owned approximately 0.15% of RadNet worth $5,662,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RDNT. Moran Wealth Management LLC raised its holdings in RadNet by 2.2% in the 1st quarter. Moran Wealth Management LLC now owns 10,643 shares of the medical research company's stock valued at $529,000 after acquiring an additional 225 shares during the last quarter. Xponance Inc. increased its holdings in shares of RadNet by 5.0% during the 1st quarter. Xponance Inc. now owns 5,010 shares of the medical research company's stock worth $249,000 after buying an additional 239 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of RadNet by 22.3% during the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after buying an additional 300 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of RadNet by 5.4% during the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company's stock worth $340,000 after buying an additional 350 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of RadNet by 6.2% during the 1st quarter. HighTower Advisors LLC now owns 9,345 shares of the medical research company's stock worth $465,000 after buying an additional 548 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Trading Up 0.4%

RadNet stock traded up $0.28 during trading on Friday, hitting $74.01. The company had a trading volume of 678,484 shares, compared to its average volume of 621,668. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. The company's 50 day simple moving average is $63.04 and its 200-day simple moving average is $56.99. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of -370.03 and a beta of 1.54.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.14. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The firm had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. During the same quarter last year, the firm earned $0.16 EPS. The firm's revenue for the quarter was up 8.4% on a year-over-year basis. As a group, analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insider Buying and Selling at RadNet

In other RadNet news, CEO Cornelis Wesdorp sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $66.98, for a total value of $100,470.00. Following the completion of the transaction, the chief executive officer owned 54,495 shares of the company's stock, valued at $3,650,075.10. This trade represents a 2.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP David Jeffrey Katz sold 17,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the completion of the transaction, the executive vice president directly owned 86,774 shares of the company's stock, valued at $5,927,531.94. This represents a 16.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,598 shares of company stock worth $6,808,500. 5.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Barclays raised their price target on shares of RadNet from $60.00 to $79.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a report on Monday, August 11th. Raymond James Financial restated a "strong-buy" rating and set a $75.00 price target (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Finally, B. Riley started coverage on shares of RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $76.80.

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.