Fred Alger Management LLC Increases Stock Holdings in RadNet, Inc. $RDNT

Fred Alger Management LLC lifted its stake in RadNet, Inc. (NASDAQ:RDNT) by 11.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 547,850 shares of the medical research company’s stock after buying an additional 57,583 shares during the period. Fred Alger Management LLC’s holdings in RadNet were worth $39,089,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new position in shares of RadNet in the 4th quarter worth approximately $25,000. Allworth Financial LP boosted its holdings in RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 305 shares during the period. Danske Bank A S purchased a new position in RadNet during the 3rd quarter valued at $30,000. Jones Financial Companies Lllp boosted its holdings in RadNet by 62.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after acquiring an additional 171 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new position in RadNet during the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Wall Street Analysts Forecast Growth

RDNT has been the subject of a number of recent analyst reports. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Barclays dropped their price objective on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Finally, Jefferies Financial Group restated a “buy” rating and set a $91.00 price objective on shares of RadNet in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.43.

RadNet Price Performance

RDNT opened at $56.51 on Wednesday. The business has a fifty day moving average of $55.92 and a 200 day moving average of $64.99. RadNet, Inc. has a 52-week low of $50.76 and a 52-week high of $85.84. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The stock has a market cap of $4.44 billion, a P/E ratio of -313.93 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data 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 previous year, the firm earned ($0.50) EPS. RadNet’s revenue was up 22.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that RadNet, Inc. will post 0.54 EPS for the current year.

RadNet Company 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.