Fonar (NASDAQ:FONR) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

Fonar Corporation (NASDAQ:FONR)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $14.24 and traded as high as $15.85. Fonar shares last traded at $15.80, with a volume of 14,447 shares traded.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Fonar from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 19th.

Fonar Stock Performance

The firm has a fifty day moving average of $13.86 and a 200 day moving average of $14.24. The firm has a market capitalization of $97.98 million, a PE ratio of 12.64 and a beta of 1.00.

Fonar (NASDAQ:FONR) last posted its quarterly earnings data on Thursday, May 15th. The medical equipment provider reported $0.37 earnings per share for the quarter. Fonar had a net margin of 8.19% and a return on equity of 5.31%.

Hedge Funds Weigh In On Fonar

Several large investors have recently added to or reduced their stakes in the company. Bridgeway Capital Management LLC grew its position in shares of Fonar by 1.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 80,035 shares of the medical equipment provider’s stock valued at $1,212,000 after buying an additional 945 shares during the last quarter. Empowered Funds LLC boosted its stake in Fonar by 7.7% in the first quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock valued at $296,000 after acquiring an additional 1,504 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Fonar by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 376,678 shares of the medical equipment provider’s stock valued at $5,703,000 after purchasing an additional 2,149 shares during the last quarter. Money Concepts Capital Corp raised its position in shares of Fonar by 1.2% during the 1st quarter. Money Concepts Capital Corp now owns 406,296 shares of the medical equipment provider’s stock worth $5,692,000 after purchasing an additional 4,719 shares during the period. Finally, Linden Thomas Advisory Services LLC raised its position in shares of Fonar by 16.5% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 34,054 shares of the medical equipment provider’s stock worth $477,000 after purchasing an additional 4,818 shares during the period. 50.64% of the stock is currently owned by institutional investors.

Fonar Company Profile

FONAR Corporation, together with its subsidiaries, engages in the research, development, production, and marketing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases in the United States. The company operates in two segments, Medical Equipment, and Physician Management and Diagnostic Services.