Virtu Financial LLC Makes New Investment in Fonar Corporation $FONR

Virtu Financial LLC acquired a new stake in shares of Fonar Corporation (NASDAQ:FONR) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 42,031 shares of the medical equipment provider’s stock, valued at approximately $780,000. Virtu Financial LLC owned 0.68% of Fonar at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC bought a new stake in Fonar in the 3rd quarter valued at $90,000. PenderFund Capital Management Ltd. bought a new stake in Fonar in the fourth quarter valued at about $150,000. 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 worth $354,000 after purchasing an additional 2,493 shares in the last quarter. Empowered Funds LLC lifted its stake in Fonar by 7.7% during the first 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. Finally, Marshall Wace LLP bought a new position in Fonar during the fourth quarter worth about $523,000. 50.64% of the stock is owned by institutional investors.

Insider Transactions at Fonar

In related news, major shareholder Hilary Shane acquired 225,426 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were purchased at an average price 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. The trade was a 228.41% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have bought 554,089 shares of company stock worth $10,561,877. 7.93% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Fonar in a research note on Tuesday, April 7th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, Fonar presently has an average rating of “Hold”.

Fonar Price Performance

Shares of FONR stock opened at $19.09 on Tuesday. The company has a market capitalization of $117.84 million, a P/E ratio of 19.09 and a beta of 0.95. Fonar Corporation has a 12-month low of $13.62 and a 12-month high of $19.16. The firm has a 50-day moving average price of $18.94 and a 200 day moving average price of $18.17.

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

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.