Fonar (NASDAQ:FONR) Posts Earnings Results

Fonar (NASDAQ:FONR) issued its quarterly earnings data on Friday. The medical equipment provider reported $0.31 EPS for the quarter, Zacks reports. Fonar had a net margin of 7.08% and a return on equity of 4.66%.

Fonar Trading Up 0.1%

Fonar stock opened at $18.55 on Friday. The firm has a market capitalization of $115.07 million, a P/E ratio of 16.71 and a beta of 1.00. Fonar has a twelve month low of $12.00 and a twelve month high of $18.86. The stock’s fifty day simple moving average is $17.34 and its 200-day simple moving average is $15.97.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Fonar to a “hold” rating in a report on Friday, November 28th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold”.

Institutional Investors Weigh In On Fonar

Hedge funds have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC purchased a new stake in shares of Fonar during the 3rd quarter worth approximately $90,000. Empowered Funds LLC lifted 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 valued at $296,000 after acquiring an additional 1,504 shares during the last quarter. Marshall Wace LLP acquired a new position in Fonar in the fourth quarter valued at $523,000. Bridgeway Capital Management LLC boosted its stake in Fonar by 2.3% in the second quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 1,843 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Fonar by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 69,612 shares of the medical equipment provider’s stock worth $1,292,000 after purchasing an additional 1,336 shares during the last quarter. Institutional investors and hedge funds own 50.64% of the company’s stock.

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.