Insider Buying: Fonar (NASDAQ:FONR) Major Shareholder Acquires $798,442.65 in Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane purchased 41,913 shares of Fonar stock in a transaction dated Friday, May 29th. The shares were acquired at an average cost of $19.05 per share, for a total transaction of $798,442.65. Following the completion of the transaction, the insider owned 324,273 shares of the company’s stock, valued at approximately $6,177,400.65. This represents a 14.84% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions 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 acquired at an average cost of $19.05 per share, for a total transaction of $4,294,365.30.
• On Wednesday, May 27th, Hilary Shane purchased 71,414 shares of Fonar stock. The shares were acquired at an average cost of $18.99 per share, for a total transaction of $1,356,151.86.

Fonar Stock Performance

Shares of FONR stock opened at $19.10 on Monday. The business’s fifty day simple moving average is $18.76 and its 200-day simple moving average is $17.64. The company has a market cap of $117.85 million, a PE ratio of 19.10 and a beta of 0.96. Fonar Corporation has a 12-month low of $13.62 and a 12-month high of $19.10.

Fonar (NASDAQ:FONR) last issued its quarterly earnings results on Monday, May 11th. The medical equipment provider reported $0.24 earnings per share (EPS) for the quarter. The business 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%.

Hedge Funds Weigh In On Fonar

Hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC acquired a new position in shares of Fonar in the 3rd quarter valued at $90,000. PenderFund Capital Management Ltd. acquired a new position in shares of Fonar in the 4th quarter valued at $150,000. Lakewood Asset Management LLC increased its position in shares of Fonar by 15.1% in the 4th quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock valued at $354,000 after acquiring an additional 2,493 shares during the period. Empowered Funds LLC increased its position in shares of Fonar by 7.7% in the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock valued at $296,000 after acquiring an additional 1,504 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Fonar in the 4th quarter valued at $523,000. 50.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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