Fonar (NASDAQ:FONR) Stock Crosses Above Two Hundred Day Moving Average – Time to Sell?

Shares of Fonar Corporation (NASDAQ:FONR) passed 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 traded.

Analysts Set New Price Targets

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

Fonar Trading Up 1.0%

The firm has a market capitalization of $114.76 million, a price-to-earnings ratio of 16.45 and a beta of 0.99. The firm has a 50 day moving average price of $18.55 and a two-hundred day moving average price of $16.56.

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

Institutional Investors Weigh In On Fonar

Large investors have recently made changes to their positions in the business. CIBC Private Wealth Group LLC purchased a new position in shares of Fonar in the 3rd quarter valued at $90,000. PenderFund Capital Management Ltd. purchased a new stake in Fonar during the 4th quarter worth $150,000. Inspire Advisors LLC acquired a new stake in Fonar in the 3rd quarter valued at $216,000. Lakewood Asset Management LLC increased its holdings in Fonar by 51.2% in the 3rd quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider’s stock valued at $249,000 after purchasing an additional 5,607 shares in the last quarter. Finally, Ritholtz Wealth Management raised its position in Fonar by 66.4% in the third quarter. Ritholtz Wealth Management now owns 17,417 shares of the medical equipment provider’s stock valued at $262,000 after purchasing an additional 6,948 shares during the period. Institutional investors and hedge funds 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.