Fonar (NASDAQ:FONR) Major Shareholder Buys $1,356,151.86 in Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane bought 71,414 shares of Fonar stock in a transaction that occurred on Wednesday, May 27th. The shares were acquired at an average cost of $18.99 per share, for a total transaction of $1,356,151.86. Following the acquisition, the insider owned 98,692 shares in the company, valued at $1,874,161.08. The trade was a 261.80% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Fonar Stock Performance

Shares of FONR stock traded up $0.10 on Wednesday, hitting $19.01. 122,147 shares of the company’s stock traded hands, compared to its average volume of 66,331. The stock has a market capitalization of $117.29 million, a price-to-earnings ratio of 19.01 and a beta of 0.96. The company’s fifty day simple moving average is $18.72 and its 200 day simple moving average is $17.55. Fonar Corporation has a one year low of $13.62 and a one year high of $19.03.

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

Institutional Investors Weigh In On Fonar

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in 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 lifted its position in shares of Fonar by 7.7% in the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after purchasing an additional 1,504 shares during the period. Bridgeway Capital Management LLC lifted its position in shares of Fonar by 2.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock worth $1,247,000 after purchasing an additional 1,843 shares during the period. RBF Capital LLC lifted its position in shares of Fonar by 3.3% in the 4th quarter. RBF Capital LLC now owns 75,447 shares of the medical equipment provider’s stock worth $1,400,000 after purchasing an additional 2,389 shares during the period. Finally, Lakewood Asset Management LLC lifted its position in shares of Fonar by 15.1% in 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 during the period. Hedge funds and other institutional investors own 50.64% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Fonar in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Fonar presently has a consensus rating of “Hold”.

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.