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 note issued to investors on Saturday.

Fonar Trading Down 2.4%

Shares of FONR stock opened at $15.14 on Friday. Fonar has a 12-month low of $12.00 and a 12-month high of $17.98. The stock's 50-day moving average price is $15.63 and its 200-day moving average price is $14.34. The stock has a market capitalization of $93.87 million, a price-to-earnings ratio of 12.11 and a beta of 0.97.

Institutional Investors Weigh In On Fonar

Several large investors have recently bought and sold shares of FONR. Money Concepts Capital Corp lifted its position in Fonar by 1.2% during the first 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 during the last quarter. Bridgeway Capital Management LLC lifted its position in Fonar by 2.3% during 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 purchasing an additional 1,843 shares during the last quarter. Linden Thomas Advisory Services LLC lifted its position in Fonar by 16.5% during the first quarter. Linden Thomas Advisory Services LLC now owns 34,054 shares of the medical equipment provider's stock valued at $477,000 after purchasing an additional 4,818 shares during the last quarter. Empowered Funds LLC lifted its position in Fonar by 7.7% during the first 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. Finally, Ritholtz Wealth Management purchased a new position in Fonar in the second quarter worth about $157,000. 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.

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