Fonar (NASDAQ:FONR) Major Shareholder Hilary Shane Buys 71,414 Shares

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

Fonar Stock Performance

NASDAQ FONR traded up $0.10 on Wednesday, hitting $19.01. The stock had a trading volume of 122,147 shares, compared to its average volume of 66,331. Fonar Corporation has a 52-week low of $13.62 and a 52-week high of $19.03. The company has a market capitalization of $117.29 million, a price-to-earnings ratio of 19.01 and a beta of 0.96. The firm has a 50-day moving average of $18.72 and a 200-day moving average of $17.55.

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

Hedge Funds Weigh In On Fonar

Several institutional investors and hedge funds have recently made changes to their positions in FONR. Empowered Funds LLC grew its holdings in shares of Fonar by 7.7% during the 1st 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. Bridgeway Capital Management LLC grew its holdings in shares of Fonar by 2.3% during the 2nd quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock valued at $1,247,000 after purchasing an additional 1,843 shares during the last quarter. Money Concepts Capital Corp grew its holdings in shares of Fonar by 4.5% during the 3rd quarter. Money Concepts Capital Corp now owns 483,522 shares of the medical equipment provider’s stock valued at $7,282,000 after purchasing an additional 20,762 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Fonar by 1.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 376,976 shares of the medical equipment provider’s stock valued at $5,677,000 after purchasing an additional 4,413 shares during the last quarter. Finally, CIBC Private Wealth Group LLC bought a new position in shares of Fonar during the 3rd quarter valued at $90,000. Institutional investors 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 analyst has rated the stock with a Hold rating, According to data from MarketBeat, Fonar has an average 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.