WCM Investment Management LLC Makes New Investment in RadNet, Inc. (NASDAQ:RDNT)

WCM Investment Management LLC purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 198,681 shares of the medical research company’s stock, valued at approximately $14,110,000.

Several other institutional investors have also modified their holdings of the company. USA Financial Formulas purchased a new stake in RadNet during the fourth quarter worth $30,000. Covestor Ltd raised its stake in shares of RadNet by 10,875.0% during the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock worth $30,000 after buying an additional 435 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of RadNet by 84.3% in the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after buying an additional 305 shares in the last quarter. Highline Wealth Partners LLC acquired a new stake in RadNet in the 3rd quarter valued at about $68,000. Finally, Peterson Financial Group Inc. purchased a new position in RadNet during the 3rd quarter valued at about $90,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RDNT. Barclays reduced their price target on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a report on Wednesday, January 22nd. Truist Financial restated a “buy” rating and issued a $88.00 price objective (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Finally, Jefferies Financial Group dropped their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.50.

RadNet Trading Down 2.5 %

Shares of RadNet stock opened at $62.77 on Monday. RadNet, Inc. has a fifty-two week low of $35.16 and a fifty-two week high of $93.65. The business’s fifty day moving average is $70.62 and its two-hundred day moving average is $69.02. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a market cap of $4.65 billion, a PE ratio of -896.59 and a beta of 1.79.

Insider Activity at RadNet

In other news, insider Ranjan Jayanathan sold 38,557 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total transaction of $3,084,560.00. Following the completion of the sale, the insider now directly owns 192,724 shares in the company, valued at $15,417,920. This represents a 16.67 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP David Jeffrey Katz sold 12,300 shares of RadNet stock in a transaction on Monday, November 25th. The shares were sold at an average price of $81.65, for a total value of $1,004,295.00. Following the completion of the transaction, the executive vice president now owns 62,909 shares in the company, valued at $5,136,519.85. The trade was a 16.35 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.12% of the company’s stock.

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.