NewGen Asset Management Ltd Buys New Holdings in RadNet, Inc. $RDNT

NewGen Asset Management Ltd bought a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 25,000 shares of the medical research company’s stock, valued at approximately $1,784,000. RadNet accounts for 1.1% of NewGen Asset Management Ltd’s portfolio, making the stock its 18th biggest holding.

Several other institutional investors also recently bought and sold shares of RDNT. AQR Capital Management LLC boosted its holdings in RadNet by 5.4% during the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock valued at $340,000 after acquiring an additional 350 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in RadNet by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock valued at $1,956,000 after acquiring an additional 1,699 shares during the period. Jones Financial Companies Lllp boosted its holdings in RadNet by 563.4% during the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock valued at $85,000 after acquiring an additional 1,448 shares during the period. United Services Automobile Association bought a new stake in shares of RadNet in the first quarter worth about $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in RadNet by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock valued at $21,904,000 after purchasing an additional 8,762 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RDNT. Barclays reduced their price target on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. 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. Finally, Weiss Ratings downgraded RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $87.43.

RadNet Stock Up 0.6%

Shares of NASDAQ:RDNT opened at $57.05 on Tuesday. RadNet, Inc. has a 1 year low of $50.76 and a 1 year high of $85.84. The company has a market cap of $4.49 billion, a PE ratio of -316.93 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 stock’s 50-day moving average is $55.89 and its 200 day moving average is $65.18.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business had revenue of $575.63 million for the quarter, compared to analysts’ expectations of $557.93 million. During the same quarter in the prior year, the firm earned ($0.50) EPS. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. Sell-side analysts anticipate that RadNet, Inc. will post 0.54 EPS for the current year.

Insiders Place Their Bets

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of RadNet stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total transaction of $932,250.00. Following the sale, the insider directly owned 1,208,923 shares of the company’s stock, valued at approximately $75,134,564.45. The trade was a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.60% of the company’s stock.

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.