Hilary Shane Acquires 71,414 Shares of Fonar (NASDAQ:FONR) Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane purchased 71,414 shares of Fonar stock in a transaction dated Wednesday, May 27th. The stock was bought at an average cost of $18.99 per share, with a total value of $1,356,151.86. Following the completion of the purchase, the insider owned 98,692 shares in the company, valued at approximately $1,874,161.08. This trade represents a 261.80% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Fonar Trading Up 0.4%

Shares of NASDAQ:FONR opened at $19.09 on Friday. The company has a 50 day moving average of $18.75 and a 200-day moving average of $17.61. The firm has a market cap of $117.79 million, a P/E ratio of 19.09 and a beta of 0.96. Fonar Corporation has a twelve month low of $13.62 and a twelve month high of $19.11.

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

Institutional Trading of Fonar

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC acquired a new stake in Fonar during the third quarter valued at approximately $90,000. PenderFund Capital Management Ltd. acquired a new stake in Fonar during the fourth quarter valued at approximately $150,000. 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 valued at $296,000 after purchasing an additional 1,504 shares during 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 valued at $354,000 after purchasing an additional 2,493 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Fonar during the fourth quarter valued at approximately $523,000. 50.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

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.