Fonar (NASDAQ:FONR) Posts Earnings Results

Fonar (NASDAQ:FONR) issued its earnings results on Friday. The medical equipment provider reported $0.31 earnings per share for the quarter, Zacks reports. Fonar had a return on equity of 4.66% and a net margin of 7.08%.The business had revenue of $25.55 million for the quarter.

Fonar Trading Up 0.1%

Shares of Fonar stock opened at $18.55 on Friday. Fonar has a twelve month low of $12.00 and a twelve month high of $18.86. The stock has a market cap of $115.01 million, a price-to-earnings ratio of 16.42 and a beta of 1.00. The company has a fifty day moving average price of $17.34 and a 200 day moving average price of $15.97.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Fonar to a “hold” rating in a research note on Friday, November 28th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold”.

Institutional Investors Weigh In On Fonar

Several institutional investors and hedge funds have recently modified their holdings of FONR. Geode Capital Management LLC raised its holdings in shares of Fonar by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 69,612 shares of the medical equipment provider’s stock valued at $1,292,000 after buying an additional 1,336 shares during the period. Empowered Funds LLC grew its position 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 in the last quarter. Bridgeway Capital Management LLC raised its stake in shares of Fonar by 2.3% during the second quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock valued at $1,247,000 after purchasing an additional 1,843 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Fonar by 1.2% during the third quarter. Dimensional Fund Advisors LP now owns 376,976 shares of the medical equipment provider’s stock worth $5,677,000 after purchasing an additional 4,413 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Fonar in the third quarter valued at $90,000. Hedge funds and other institutional investors own 50.64% of the company’s stock.

About Fonar

Fonar Corporation is a medical technology company primarily engaged in the design, manufacture and sale of magnetic resonance imaging (MRI) systems. The company’s flagship product, the UPRIGHT® Multi-Position™ MRI, enables patients to be scanned in standing, seated and traditional recumbent positions, offering enhanced diagnostic capabilities for musculoskeletal, neurological and vascular conditions. In addition to MRI equipment sales, Fonar provides equipment installation, training and maintenance services to hospitals, imaging centers and private practices.

Headquartered in Melville, New York, Fonar markets its MRI systems both domestically and internationally, supported by a network of service engineers and customer support personnel.