Fonar (NASDAQ:FONR) Announces Earnings Results

Fonar (NASDAQ:FONR) released its quarterly earnings results on Monday. The medical equipment provider reported $0.24 earnings per share for the quarter, FiscalAI reports. The firm had revenue of $26.47 million for the quarter. Fonar had a net margin of 6.35% and a return on equity of 4.14%.

Fonar Price Performance

FONR stock traded up $0.01 during trading on Wednesday, reaching $18.87. The company had a trading volume of 7,277 shares, compared to its average volume of 66,087. Fonar has a 52 week low of $12.24 and a 52 week high of $18.95. The business has a 50 day moving average of $18.64 and a 200 day moving average of $17.29. The company has a market cap of $116.45 million, a P/E ratio of 18.87 and a beta of 0.96.

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 research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Credit Industriel ET Commercial bought a new position in Fonar during the 1st quarter valued at approximately $1,470,000. Virtu Financial LLC purchased a new stake in shares of Fonar in the fourth quarter worth $780,000. Marshall Wace LLP purchased a new stake in shares of Fonar in the fourth quarter worth $523,000. Money Concepts Capital Corp increased its holdings in shares of Fonar by 5.6% during the fourth quarter. Money Concepts Capital Corp now owns 510,672 shares of the medical equipment provider’s stock valued at $9,478,000 after acquiring an additional 27,150 shares in the last quarter. Finally, Inspire Advisors LLC bought a new position in shares of Fonar during the third quarter valued at $216,000. 50.64% of the stock is owned by hedge funds and other institutional investors.

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.