Wellington Management Group LLP Reduces Holdings in RadNet, Inc. (NASDAQ:RDNT)

Wellington Management Group LLP cut its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 30.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 361,523 shares of the medical research company's stock after selling 157,224 shares during the period. Wellington Management Group LLP owned approximately 0.49% of RadNet worth $25,249,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. KBC Group NV increased its position in RadNet by 47.6% in the fourth quarter. KBC Group NV now owns 2,678 shares of the medical research company's stock worth $187,000 after buying an additional 864 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of RadNet by 30.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company's stock worth $103,532,000 after purchasing an additional 344,146 shares during the period. WCM Investment Management LLC bought a new position in RadNet in the 4th quarter worth $14,110,000. Guidance Capital Inc. bought a new position in RadNet in the fourth quarter worth $467,000. Finally, JPMorgan Chase & Co. increased its position in RadNet by 154.8% during the 4th quarter. JPMorgan Chase & Co. now owns 338,843 shares of the medical research company's stock valued at $23,665,000 after buying an additional 205,846 shares in the last quarter. Institutional investors own 77.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on RDNT shares. Wall Street Zen lowered RadNet from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Truist Financial decreased their price target on shares of RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and decreased their price target for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. Finally, Barclays dropped their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $69.75.

RadNet Price Performance

Shares of RDNT traded down $1.90 during mid-day trading on Wednesday, reaching $56.80. The company had a trading volume of 486,166 shares, compared to its average volume of 691,831. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of -811.31 and a beta of 1.46. The company's 50 day simple moving average is $53.86 and its 200 day simple moving average is $61.69.

Insider Activity at RadNet

In other news, COO Norman R. Hames sold 2,911 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $60.00, for a total value of $174,660.00. Following the completion of the transaction, the chief operating officer now directly owns 24,889 shares in the company, valued at $1,493,340. This trade represents a 10.47% 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 Alma Gregory Sorensen sold 55,000 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $56.48, for a total transaction of $3,106,400.00. Following the transaction, the executive vice president now owns 1,160,509 shares of the company's stock, valued at approximately $65,545,548.32. This trade represents a 4.52% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 99,447 shares of company stock valued at $5,434,790. 5.12% of the stock is owned by insiders.

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.