79,200 Shares in Fonar Corporation $FONR Acquired by Credit Industriel ET Commercial

Credit Industriel ET Commercial bought a new position in Fonar Corporation (NASDAQ:FONR) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 79,200 shares of the medical equipment provider’s stock, valued at approximately $1,470,000. Credit Industriel ET Commercial owned approximately 1.28% of Fonar as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FONR. CIBC Private Wealth Group LLC acquired a new stake in shares of Fonar in the third quarter worth $90,000. PenderFund Capital Management Ltd. bought a new stake in Fonar in the fourth quarter valued at about $150,000. Empowered Funds LLC raised 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 worth $296,000 after purchasing an additional 1,504 shares in the last quarter. Lakewood Asset Management LLC lifted its stake in Fonar by 15.1% during 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 during the period. Finally, Marshall Wace LLP acquired a new stake in Fonar during the fourth quarter valued at approximately $523,000. Institutional investors and hedge funds own 50.64% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Fonar in a report on Tuesday, April 7th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

Insider Activity

In related news, major shareholder Hilary Shane acquired 225,426 shares of the stock in a transaction dated Thursday, May 28th. The stock was bought at an average price of $19.05 per share, with a total value of $4,294,365.30. Following the completion of the transaction, the insider directly owned 324,118 shares of the company’s stock, valued at approximately $6,174,447.90. The trade was a 228.41% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders purchased 554,089 shares of company stock valued at $10,561,877. 7.93% of the stock is currently owned by insiders.

Fonar Stock Performance

Shares of FONR stock opened at $19.09 on Tuesday. The firm has a market capitalization of $117.84 million, a price-to-earnings ratio of 19.09 and a beta of 0.95. The firm’s 50 day moving average is $19.00 and its 200-day moving average is $18.49. 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. The firm had revenue of $26.47 million for the quarter. Fonar had a return on equity of 4.12% and a net margin of 6.35%.

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.