WCM Investment Management LLC Buys 14,255 Shares of RadNet, Inc. $RDNT

Key Points

• WCM Investment Management LLC increased its stake in RadNet by 7.1%, acquiring an additional 14,255 shares during the second quarter, bringing its total ownership to 215,534 shares valued at approximately $12.31 million.
• Insiders at RadNet have sold a total of 135,098 shares valued at approximately $9.43 million in the last 90 days, indicating a significant reduction in their ownership stakes.
• RadNet reported strong quarterly earnings with $0.31 earnings per share, surpassing estimates, and its revenue of $498.23 million exceeded analyst expectations by 2.5%.

WCM Investment Management LLC grew its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 7.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 215,534 shares of the medical research company's stock after purchasing an additional 14,255 shares during the quarter. WCM Investment Management LLC owned approximately 0.29% of RadNet worth $12,311,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Mutual Advisors LLC bought a new stake in RadNet during the second quarter worth $228,000. Yousif Capital Management LLC lifted its holdings in RadNet by 3.1% during the second quarter. Yousif Capital Management LLC now owns 25,192 shares of the medical research company's stock worth $1,434,000 after acquiring an additional 761 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in RadNet by 6.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,801,559 shares of the medical research company's stock worth $100,203,000 after acquiring an additional 112,284 shares during the period. Maryland State Retirement & Pension System lifted its holdings in RadNet by 2.2% during the second quarter. Maryland State Retirement & Pension System now owns 19,404 shares of the medical research company's stock worth $1,104,000 after acquiring an additional 423 shares during the period. Finally, KLP Kapitalforvaltning AS lifted its holdings in RadNet by 9.1% during the second quarter. KLP Kapitalforvaltning AS now owns 13,200 shares of the medical research company's stock worth $751,000 after acquiring an additional 1,100 shares during the period. 77.90% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Mark Stolper sold 35,000 shares of RadNet stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $73.89, for a total value of $2,586,150.00. Following the completion of the transaction, the executive vice president directly owned 68,012 shares in the company, valued at approximately $5,025,406.68. The trade was a 33.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ranjan Jayanathan sold 65,598 shares of RadNet stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the transaction, the insider owned 138,198 shares of the company's stock, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 135,098 shares of company stock valued at $9,430,715 in the last 90 days. Corporate insiders own 5.60% of the company's stock.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $77.39 on Friday. The stock has a market cap of $5.95 billion, a PE ratio of -386.93 and a beta of 1.59. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. The stock has a fifty day moving average of $72.37 and a 200-day moving average of $61.13.

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Barclays lifted their price target on RadNet from $60.00 to $79.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Weiss Ratings reissued a "sell (d)" rating on shares of RadNet in a research report on Wednesday, October 8th. Morgan Stanley raised RadNet to an "overweight" rating in a research report on Monday, August 11th. Wall Street Zen raised RadNet from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Truist Financial raised their target price on RadNet from $74.00 to $81.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, RadNet currently has an average rating of "Buy" and an average target price of $76.80.

About RadNet

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.

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