Fonar (NASDAQ:FONR) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Fonar Corporation (NASDAQ:FONR)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $16.56 and traded as high as $18.59. Fonar shares last traded at $18.59, with a volume of 81,585 shares.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Fonar to a “hold” rating in a research report on Friday, November 28th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Fonar Trading Up 0.2%

The company has a market capitalization of $114.58 million, a PE ratio of 16.41 and a beta of 0.99. The business has a fifty day moving average of $18.55 and a 200 day moving average of $16.60.

Fonar (NASDAQ:FONR) last issued its quarterly earnings results on Friday, February 13th. The medical equipment provider reported $0.31 earnings per share (EPS) for the quarter. The company had revenue of $18.25 million for the quarter. Fonar had a net margin of 7.13% and a return on equity of 4.69%.

Institutional Investors Weigh In On Fonar

A number of hedge funds have recently added to or reduced their stakes in FONR. Geode Capital Management LLC grew its stake in shares of Fonar by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 69,612 shares of the medical equipment provider’s stock worth $1,292,000 after acquiring an additional 1,336 shares in the last quarter. Empowered Funds LLC raised its stake in shares of 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% in 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 acquiring an additional 1,843 shares in the last quarter. RBF Capital LLC boosted its holdings in Fonar by 3.3% in the fourth quarter. RBF Capital LLC now owns 75,447 shares of the medical equipment provider’s stock valued at $1,400,000 after purchasing an additional 2,389 shares during the period. Finally, Lakewood Asset Management LLC grew its stake in Fonar by 15.1% during the 4th quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock worth $354,000 after purchasing an additional 2,493 shares in the last quarter. 50.64% of the stock is currently owned by institutional investors and hedge funds.

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.