WCM Investment Management LLC Sells 10,846 Shares of RadNet, Inc. $RDNT

WCM Investment Management LLC lessened its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 4.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 257,378 shares of the medical research company’s stock after selling 10,846 shares during the quarter. WCM Investment Management LLC owned 0.33% of RadNet worth $14,346,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDNT. Geneos Wealth Management Inc. bought a new stake in shares of RadNet in the fourth quarter worth about $25,000. Allworth Financial LP lifted its holdings in shares of RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares in the last quarter. Danske Bank A S bought a new position in shares of RadNet during the 3rd quarter valued at about $30,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of RadNet in the 4th quarter valued at approximately $36,000. Finally, Harbour Investments Inc. acquired a new position in shares of RadNet in the 4th quarter valued at approximately $42,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Stock Down 2.4%

NASDAQ:RDNT opened at $60.68 on Tuesday. The stock has a 50-day simple moving average of $58.08 and a 200 day simple moving average of $62.62. RadNet, Inc. has a 52-week low of $50.76 and a 52-week high of $85.84. The company has a market cap of $4.77 billion, a PE ratio of -337.09 and a beta of 1.37. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The firm had revenue of $575.63 million during the quarter, compared to the consensus estimate of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The company’s revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.50) EPS. On average, sell-side analysts expect that RadNet, Inc. will post 0.54 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on RDNT shares. Barclays dropped their target price on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Weiss Ratings downgraded shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, Zacks Research lowered shares of RadNet from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.43.

Insiders Place Their Bets

In other news, CEO Cornelis Wesdorp sold 4,750 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the transaction, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.60% of the company’s stock.

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.