Hilary Shane Acquires 41,913 Shares of Fonar (NASDAQ:FONR) Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane purchased 41,913 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were purchased at an average cost of $19.05 per share, with a total value of $798,442.65. Following the completion of the purchase, the insider directly owned 324,273 shares in the company, valued at approximately $6,177,400.65. This represents a 14.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own at least 10% 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 Thursday, May 28th, Hilary Shane purchased 225,426 shares of Fonar stock. The shares were purchased at an average cost of $19.05 per share, with a total value of $4,294,365.30.
• On Wednesday, May 27th, Hilary Shane bought 71,414 shares of Fonar stock. The stock was bought at an average price of $18.99 per share, with a total value of $1,356,151.86.

Fonar Stock Performance

FONR opened at $19.10 on Friday. The business has a 50 day moving average price of $18.76 and a 200 day moving average price of $17.62. Fonar Corporation has a twelve month low of $13.62 and a twelve month high of $19.10. The firm has a market cap of $117.85 million, a P/E ratio of 19.10 and a beta of 0.96.

Fonar (NASDAQ:FONR) last posted 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 during the quarter. Fonar had a return on equity of 4.12% and a net margin of 6.35%.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Fonar in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Fonar currently has a consensus rating of “Hold”.

Institutional Trading of Fonar

Institutional investors have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC acquired a new stake in Fonar in the 3rd quarter valued at $90,000. PenderFund Capital Management Ltd. acquired a new position in Fonar in the fourth quarter worth $150,000. Empowered Funds LLC boosted its stake 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 boosted its stake 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. Finally, Marshall Wace LLP acquired a new position in Fonar in the fourth quarter worth $523,000. Institutional investors and hedge funds 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.