Connor Clark & Lunn Investment Management Ltd. Buys Shares of 39,720 RadNet, Inc. (NASDAQ:RDNT)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 39,720 shares of the medical research company’s stock, valued at approximately $2,756,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of RadNet by 8.1% during the first quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock worth $223,862,000 after buying an additional 345,822 shares in the last quarter. Principal Financial Group Inc. increased its position in RadNet by 8.5% during the third quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock worth $104,539,000 after purchasing an additional 118,501 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of RadNet by 11.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,131,849 shares of the medical research company’s stock valued at $78,539,000 after buying an additional 119,875 shares during the period. Hood River Capital Management LLC boosted its holdings in RadNet by 5.1% in the second quarter. Hood River Capital Management LLC now owns 1,125,712 shares of the medical research company’s stock valued at $66,327,000 after acquiring an additional 54,583 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in RadNet by 33.9% during the second quarter. Clearbridge Investments LLC now owns 732,527 shares of the medical research company’s stock valued at $43,160,000 after acquiring an additional 185,523 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

RadNet Stock Up 0.9 %

NASDAQ:RDNT opened at $82.04 on Monday. The stock has a 50 day moving average of $71.01 and a 200-day moving average of $64.12. The firm has a market capitalization of $6.07 billion, a PE ratio of -1,171.83 and a beta of 1.75. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a 52 week low of $32.01 and a 52 week high of $93.65.

Insider Buying and Selling at RadNet

In other news, insider Ranjan Jayanathan sold 38,557 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total value of $3,084,560.00. Following the sale, the insider now owns 192,724 shares of the company’s stock, valued at approximately $15,417,920. The trade was a 16.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 5.12% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RDNT. Barclays raised shares of RadNet from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $57.00 to $79.00 in a research report on Friday, September 6th. Truist Financial lifted their price objective on RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Jefferies Financial Group raised their price objective on shares of RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Sidoti upgraded RadNet to a “strong-buy” rating in a research note on Friday, October 4th. One 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 stock. According to data from MarketBeat.com, RadNet presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.75.

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.