Hilary Shane Acquires 215,336 Shares of Fonar (NASDAQ:FONR) Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane bought 215,336 shares of Fonar stock in a transaction on Tuesday, June 2nd. The shares were purchased at an average price of $19.10 per share, for a total transaction of $4,112,917.60. Following the acquisition, the insider directly owned 520,609 shares in the company, valued at approximately $9,943,631.90. This trade represents a 70.54% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Hilary Shane also recently made the following trade(s):

• On Friday, May 29th, Hilary Shane bought 41,913 shares of Fonar stock. The shares were purchased at an average price of $19.05 per share, for a total transaction of $798,442.65.
• On Thursday, May 28th, Hilary Shane bought 225,426 shares of Fonar stock. The shares were purchased at an average price of $19.05 per share, for a total transaction of $4,294,365.30.
• On Wednesday, May 27th, Hilary Shane bought 71,414 shares of Fonar stock. The shares were purchased at an average price of $18.99 per share, for a total transaction of $1,356,151.86.

Fonar Stock Down 0.0%

Fonar stock opened at $19.08 on Thursday. The company has a market capitalization of $117.74 million, a P/E ratio of 19.08 and a beta of 0.95. The stock’s 50 day moving average is $18.80 and its 200 day moving average is $17.73. Fonar Corporation has a twelve month low of $13.62 and a twelve month high of $19.16.

Fonar (NASDAQ:FONR) last posted its quarterly earnings results on Monday, May 11th. The medical equipment provider reported $0.24 earnings per share for the quarter. The company had revenue of $26.47 million for the quarter. Fonar had a return on equity of 4.12% and a net margin of 6.35%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Fonar in a research note on Tuesday, April 7th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Fonar currently has an average rating of “Hold”.

Institutional Trading of Fonar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in Fonar by 2.0% in 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 acquiring an additional 1,336 shares in the last quarter. Empowered Funds LLC lifted its position in Fonar by 7.7% in the 1st 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 lifted its position in Fonar by 2.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 1,843 shares in the last quarter. RBF Capital LLC lifted its position in Fonar by 3.3% in the 4th quarter. RBF Capital LLC now owns 75,447 shares of the medical equipment provider’s stock valued at $1,400,000 after acquiring an additional 2,389 shares in the last quarter. Finally, Lakewood Asset Management LLC lifted its position in Fonar by 15.1% in the 4th quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock valued at $354,000 after acquiring an additional 2,493 shares in the last quarter. Hedge funds and other institutional investors own 50.64% of the company’s stock.

Fonar Company Profile

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.