Fonar (NASDAQ:FONR) Cut to Buy at Wall Street Zen

Key Points

• Fonar (NASDAQ:FONR) has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, reflecting a shift in analyst sentiment.
• The company's shares have experienced a decline of 2.4%, with current trading around $15.14, and a market capitalization of approximately $93.87 million.
• Institutional investors hold 50.64% of Fonar's stock, indicating significant interest from larger investment firms in the medical equipment provider.

Fonar (NASDAQ:FONR - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Fonar Stock Performance

Fonar stock traded up $0.28 during midday trading on Friday, reaching $15.42. 13,359 shares of the company were exchanged, compared to its average volume of 10,022. The company has a market capitalization of $95.60 million, a price-to-earnings ratio of 12.26 and a beta of 0.97. The firm's 50-day simple moving average is $15.60 and its 200-day simple moving average is $14.35. Fonar has a 1 year low of $12.00 and a 1 year high of $17.98.

Fonar (NASDAQ:FONR - Get Free Report) last posted its quarterly earnings data on Monday, September 22nd. The medical equipment provider reported $0.11 EPS for the quarter. The firm had revenue of $27.28 million during the quarter. Fonar had a return on equity of 5.31% and a net margin of 8.19%.

Institutional Trading of Fonar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FONR. Money Concepts Capital Corp lifted its stake in shares of Fonar by 1.2% in the 1st quarter. Money Concepts Capital Corp now owns 406,296 shares of the medical equipment provider's stock valued at $5,692,000 after purchasing an additional 4,719 shares in the last quarter. Bridgeway Capital Management LLC lifted its position in Fonar by 2.3% during the 2nd quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider's stock worth $1,247,000 after acquiring an additional 1,843 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its position in Fonar by 16.5% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 34,054 shares of the medical equipment provider's stock worth $477,000 after acquiring an additional 4,818 shares in the last quarter. Empowered Funds LLC lifted its position in Fonar by 7.7% during the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider's stock worth $296,000 after acquiring an additional 1,504 shares in the last quarter. Finally, Ritholtz Wealth Management acquired a new position in Fonar during the 2nd quarter worth approximately $157,000. Hedge funds and other institutional investors own 50.64% of the company's stock.

Fonar Company Profile

FONAR Corporation, together with its subsidiaries, engages in the research, development, production, and marketing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases in the United States. The company operates in two segments, Medical Equipment, and Physician Management and Diagnostic Services.