Hilary Shane Acquires 225,426 Shares of Fonar (NASDAQ:FONR) Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane purchased 225,426 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was purchased at an average cost of $19.05 per share, with a total value of $4,294,365.30. Following the acquisition, the insider directly owned 324,118 shares in the company, valued at $6,174,447.90. This trade represents a 228.41% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• On Friday, May 29th, Hilary Shane purchased 41,913 shares of Fonar stock. The stock was purchased at an average cost of $19.05 per share, with a total value of $798,442.65.
• On Wednesday, May 27th, Hilary Shane purchased 71,414 shares of Fonar stock. The stock was purchased at an average cost of $18.99 per share, with a total value of $1,356,151.86.

Fonar Stock Up 0.1%

Shares of FONR stock opened at $19.10 on Friday. Fonar Corporation has a 12-month low of $13.62 and a 12-month high of $19.10. The firm has a market capitalization of $117.85 million, a price-to-earnings ratio of 19.10 and a beta of 0.96. The firm has a fifty day moving average of $18.76 and a 200-day moving average of $17.62.

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

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Money Concepts Capital Corp grew its position in Fonar by 5.6% in the fourth quarter. Money Concepts Capital Corp now owns 510,672 shares of the medical equipment provider’s stock valued at $9,478,000 after purchasing an additional 27,150 shares in the last quarter. Lakewood Asset Management LLC grew its position in Fonar by 15.1% in the fourth quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock valued at $354,000 after purchasing an additional 2,493 shares in the last quarter. 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 purchasing an additional 1,504 shares in the last quarter. PenderFund Capital Management Ltd. bought a new position in Fonar in the fourth quarter valued at $150,000. Finally, CIBC Private Wealth Group LLC bought a new position in Fonar in the third quarter valued at $90,000. 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.