NewGen Asset Management Ltd Buys 14,130 Shares of RadNet, Inc. (NASDAQ:RDNT)

NewGen Asset Management Ltd boosted its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 48.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 approximately 2.7% of NewGen Asset Management Ltd's portfolio, making the stock its 14th largest holding. NewGen Asset Management Ltd owned about 0.06% of RadNet worth $3,017,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in RadNet in the 4th quarter worth approximately $56,381,000. Raymond James Financial Inc. bought a new stake in shares of RadNet in the 4th quarter worth approximately $33,090,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of RadNet by 79.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company's stock valued at $63,813,000 after purchasing an additional 404,241 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of RadNet by 30.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company's stock valued at $103,532,000 after purchasing an additional 344,146 shares during the last quarter. Finally, Clearbridge Investments LLC raised its position in RadNet by 28.3% in the 4th quarter. Clearbridge Investments LLC now owns 942,082 shares of the medical research company's stock worth $65,795,000 after purchasing an additional 207,582 shares during the period. Institutional investors own 77.90% of the company's stock.

Insider Buying and Selling at RadNet

In other RadNet news, CEO Cornelis Wesdorp sold 2,000 shares of RadNet stock in a transaction that occurred on 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 sale, the chief executive officer now owns 58,995 shares of the company's stock, valued at approximately $3,101,957.10. The trade was a 3.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Norman R. Hames sold 5,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $49.79, for a total value of $248,950.00. Following the transaction, the chief operating officer now directly owns 261,959 shares in the company, valued at $13,042,938.61. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,000 shares of company stock worth $1,926,730. Insiders own 5.12% of the company's stock.

RadNet Stock Down 0.3 %

Shares of RadNet stock traded down $0.17 during trading on Thursday, hitting $52.21. The company's stock had a trading volume of 614,379 shares, compared to its average volume of 665,522. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. The company has a market capitalization of $3.92 billion, a PE ratio of -745.75 and a beta of 1.59. The company has a fifty day simple moving average of $51.09 and a two-hundred day simple moving average of $64.13. 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 (NASDAQ:RDNT - Get Free Report) last released its earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The firm had revenue of $477.10 million for the quarter, compared to analysts' expectations of $459.42 million. Equities research analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RDNT has been the subject of a number of recent research reports. StockNews.com raised RadNet to a "sell" rating in a research note on Wednesday, March 19th. Raymond James raised shares of RadNet from an "outperform" rating to a "strong-buy" rating and decreased their target price for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Jefferies Financial Group lowered their price objective on shares of RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, January 15th. Barclays cut their price objective on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, March 24th. Finally, Truist Financial decreased their price objective 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 investment analyst has rated the stock with a sell rating, three have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $69.75.

RadNet Company 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.