Connor Clark & Lunn Investment Management Ltd. Decreases Holdings in RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its holdings in RadNet, Inc. by 33.1%, ending the quarter with 21,628 shares valued at approximately $1,075,000.
• In contrast, several other institutional investors, including SG Americas Securities LLC and Envestnet Asset Management Inc., significantly increased their positions in RadNet, with increases of 239.5% and 50.3% respectively during the same period.
• RadNet reported strong quarterly earnings with $0.31 earnings per share, surpassing analyst expectations, alongside a revenue increase of 8.4% year-over-year.

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 33.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,628 shares of the medical research company's stock after selling 10,686 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in RadNet were worth $1,075,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in RadNet by 1.1% during the first quarter. Rhumbline Advisers now owns 175,776 shares of the medical research company's stock worth $8,740,000 after purchasing an additional 1,895 shares during the period. GAMMA Investing LLC boosted its position in RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after purchasing an additional 300 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in RadNet by 28.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,945 shares of the medical research company's stock worth $345,000 after purchasing an additional 1,545 shares during the period. Envestnet Asset Management Inc. boosted its position in RadNet by 50.3% during the first quarter. Envestnet Asset Management Inc. now owns 137,870 shares of the medical research company's stock worth $6,855,000 after purchasing an additional 46,169 shares during the period. Finally, SG Americas Securities LLC boosted its position in RadNet by 239.5% during the first quarter. SG Americas Securities LLC now owns 13,337 shares of the medical research company's stock worth $663,000 after purchasing an additional 9,409 shares during the period. Institutional investors own 77.90% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. B. Riley assumed coverage on shares of RadNet in a research report on Friday, June 13th. They issued a "buy" rating and a $69.00 price objective for the company. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday. Raymond James Financial restated a "strong-buy" rating and issued a $75.00 price objective (up from $66.00) on shares of RadNet in a research report on Wednesday. Truist Financial set a $74.00 price objective on shares of RadNet in a research report on Thursday, July 10th. Finally, Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $71.60.

Insider Buying and Selling

In related news, EVP Alma Gregory Sorensen sold 55,000 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $56.48, for a total value of $3,106,400.00. Following the sale, the executive vice president directly owned 1,160,509 shares of the company's stock, valued at $65,545,548.32. This trade represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David Jeffrey Katz sold 17,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the completion of the sale, the executive vice president directly owned 86,774 shares in the company, valued at $5,927,531.94. This represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.60% of the company's stock.

RadNet Trading Down 1.9%

Shares of RDNT opened at $67.45 on Friday. The firm's 50 day simple moving average is $57.37 and its 200 day simple moving average is $55.88. The company has a market capitalization of $5.19 billion, a P/E ratio of -337.23 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.01. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.14. The business had revenue of $498.23 million for the quarter, compared to the consensus estimate of $488.06 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. RadNet's quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the firm posted $0.16 earnings per share. Sell-side analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.