WCM Investment Management LLC Boosts Stake in RadNet, Inc. $RDNT

WCM Investment Management LLC lifted its position in RadNet, Inc. (NASDAQ:RDNT) by 32.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 285,778 shares of the medical research company’s stock after acquiring an additional 70,244 shares during the period. WCM Investment Management LLC owned 0.37% of RadNet worth $21,348,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC raised its holdings in RadNet by 5.4% in 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 buying an additional 1,699 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of RadNet by 563.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock worth $85,000 after buying an additional 1,448 shares during the period. United Services Automobile Association bought a new position in shares of RadNet in the 1st quarter worth about $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of RadNet by 2.0% in 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 worth $21,904,000 after acquiring an additional 8,762 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on RDNT. Barclays upped their price objective on shares of RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Truist Financial set a $90.00 price target on RadNet in a research note on Wednesday, December 17th. UBS Group set a $92.00 price objective on RadNet in a research report on Friday, January 9th. KeyCorp upgraded RadNet to a “strong-buy” rating in a research note on Friday, January 9th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $90.33.

RadNet Stock Performance

Shares of RDNT opened at $70.87 on Tuesday. The company has a market cap of $5.47 billion, a price-to-earnings ratio of -416.86 and a beta of 1.49. The business’s fifty day simple moving average is $74.82 and its two-hundred day simple moving average is $72.77. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $85.84. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.82.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, November 10th. The medical research company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a negative net margin of 0.65% and a positive return on equity of 2.52%. The business had revenue of $522.87 million for the quarter, compared to the consensus estimate of $494.19 million. During the same period in the previous year, the company earned $0.18 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. Research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Transactions at RadNet

In other news, CAO Mital Patel sold 25,000 shares of RadNet stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $76.06, for a total value of $1,901,500.00. Following the completion of the sale, the chief accounting officer directly owned 205,138 shares in the company, valued at $15,602,796.28. The trade was a 10.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 50,000 shares of company stock worth $3,902,254. 5.60% of the stock is currently owned by corporate insiders.

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.