Fonar (NASDAQ:FONR) Major Shareholder Buys $4,112,917.60 in Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane bought 215,336 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was purchased at an average price of $19.10 per share, for a total transaction of $4,112,917.60. Following the transaction, the insider owned 520,609 shares of the company’s stock, valued at approximately $9,943,631.90. This represents a 70.54% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s stock 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 stock was 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 stock was 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 stock was purchased at an average price of $18.99 per share, for a total transaction of $1,356,151.86.

Fonar Price Performance

NASDAQ FONR opened at $19.09 on Friday. The company has a market cap of $117.84 million, a PE ratio of 19.09 and a beta of 0.95. The stock’s 50 day simple moving average is $18.83 and its 200-day simple moving average is $17.77. Fonar Corporation has a 1-year low of $13.62 and a 1-year high of $19.16.

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

Hedge Funds Weigh In On Fonar

Institutional investors have recently added to or reduced their stakes in the stock. Money Concepts Capital Corp lifted its position in Fonar by 5.6% during the fourth quarter. Money Concepts Capital Corp now owns 510,672 shares of the medical equipment provider’s stock worth $9,478,000 after buying an additional 27,150 shares in the last quarter. Lakewood Asset Management LLC raised 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 during the period. Empowered Funds LLC raised its position in Fonar by 9.3% in the fourth quarter. Empowered Funds LLC now owns 27,765 shares of the medical equipment provider’s stock valued at $515,000 after purchasing an additional 2,373 shares during the period. PenderFund Capital Management Ltd. purchased a new stake in Fonar in the fourth quarter valued at $150,000. Finally, CIBC Private Wealth Group LLC purchased a new stake in Fonar in the third quarter valued at $90,000. Hedge funds and other institutional investors own 50.64% of the company’s stock.

Analysts Set New Price Targets

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