Fred Alger Management LLC Has $5.66 Million Stake in RadNet, Inc. $RDNT

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 increased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 346.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 113,868 shares of the medical research company's stock after purchasing an additional 88,365 shares during the quarter. Fred Alger Management LLC owned approximately 0.15% of RadNet worth $5,662,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Jones Financial Companies Lllp boosted its holdings in RadNet by 563.4% during the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock worth $85,000 after purchasing an additional 1,448 shares during the last quarter. Punch & Associates Investment Management Inc. boosted its holdings in RadNet by 4.4% during the first quarter. Punch & Associates Investment Management Inc. now owns 694,243 shares of the medical research company's stock worth $34,518,000 after purchasing an additional 29,399 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in RadNet by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company's stock worth $1,956,000 after purchasing an additional 1,699 shares during the last quarter. AQR Capital Management LLC boosted its holdings in RadNet by 5.4% during the first quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company's stock worth $340,000 after purchasing an additional 350 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its holdings in RadNet by 141.7% during the first quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company's stock worth $60,404,000 after purchasing an additional 712,270 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Activity at RadNet

In other news, insider Ranjan Jayanathan sold 65,598 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the sale, the insider owned 138,198 shares in the company, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Cornelis Wesdorp sold 500 shares of the firm's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $71.99, for a total transaction of $35,995.00. Following the sale, the chief executive officer owned 53,995 shares of the company's stock, valued at approximately $3,887,100.05. This represents a 0.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,598 shares of company stock worth $6,808,500. 5.60% of the stock is owned by corporate insiders.

RadNet Stock Performance

Shares of NASDAQ RDNT traded up $0.28 during mid-day trading on Friday, reaching $74.01. 678,484 shares of the company were exchanged, compared to its average volume of 586,183. The company's 50-day simple moving average is $63.04 and its 200-day simple moving average is $56.97. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $5.69 billion, a P/E ratio of -370.03 and a beta of 1.54. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.14. The company had revenue of $498.23 million during the quarter, compared to analysts' expectations of $488.06 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. RadNet's quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 EPS. As a group, research analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a report on Monday, August 11th. B. Riley initiated coverage on shares of RadNet in a research report on Friday, June 13th. They issued a "buy" rating and a $69.00 price objective for the company. Raymond James Financial reissued a "strong-buy" rating and issued a $75.00 price objective (up previously from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Barclays lifted their price objective on shares of RadNet from $60.00 to $79.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Finally, Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Three investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, RadNet has an average rating of "Buy" and a consensus target price of $76.80.

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.