Connor Clark & Lunn Investment Management Ltd. Invests $2.76 Million in RadNet, Inc. (NASDAQ:RDNT)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 39,720 shares of the medical research company's stock, valued at approximately $2,756,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.05% of RadNet as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in RDNT. Allspring Global Investments Holdings LLC raised its holdings in shares of RadNet by 103.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,011,974 shares of the medical research company's stock valued at $59,626,000 after acquiring an additional 515,342 shares in the last quarter. 8 Knots Management LLC bought a new stake in shares of RadNet in the 1st quarter valued at about $20,273,000. Vanguard Group Inc. lifted its position in shares of RadNet by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company's stock worth $223,862,000 after purchasing an additional 345,822 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of RadNet by 130.5% during the third quarter. Harbor Capital Advisors Inc. now owns 402,205 shares of the medical research company's stock valued at $27,909,000 after purchasing an additional 227,713 shares in the last quarter. Finally, Whittier Trust Co. purchased a new position in RadNet during the second quarter valued at approximately $11,069,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Stock Performance

RDNT traded down $0.57 during trading on Monday, reaching $81.47. 604,262 shares of the company's stock were exchanged, compared to its average volume of 553,170. The company's fifty day simple moving average is $71.01 and its 200-day simple moving average is $64.21. The stock has a market capitalization of $6.03 billion, a P/E ratio of -1,192.86 and a beta of 1.75. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. RadNet, Inc. has a 1 year low of $32.01 and a 1 year high of $93.65.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Truist Financial upped their target price 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 lifted their target price on RadNet from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, September 19th. Sidoti upgraded shares of RadNet to a "strong-buy" rating in a report on Friday, October 4th. Finally, Barclays upgraded shares of RadNet from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $57.00 to $79.00 in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, RadNet currently has an average rating of "Moderate Buy" and a consensus target price of $74.75.

Insider Activity at RadNet

In related news, insider Ranjan Jayanathan sold 38,557 shares of RadNet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total transaction of $3,084,560.00. Following the completion of the transaction, the insider now directly owns 192,724 shares in the company, valued at approximately $15,417,920. This trade represents a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.12% of the stock is currently 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.