Fonar (NASDAQ:FONR) Issues Earnings Results

Key Points

• Fonar Corporation reported a quarterly earnings per share (EPS) of $0.11, with a net margin of 8.19% and a return on equity of 5.31%.
• Fonar's stock price increased by 0.4% to $15.20 during midday trading, with a market capitalization of $94.24 million.
• Wall Street Zen downgraded Fonar's stock from a "strong-buy" rating to a "buy" rating following the earnings report.

Fonar (NASDAQ:FONR - Get Free Report) released its earnings results on Monday. The medical equipment provider reported $0.11 EPS for the quarter, Zacks reports. Fonar had a return on equity of 5.31% and a net margin of 8.19%.The company had revenue of $27.28 million during the quarter.

Fonar Stock Performance

Fonar stock traded up $0.14 during midday trading on Tuesday, reaching $15.34. 2,288 shares of the company were exchanged, compared to its average volume of 19,173. The company has a market capitalization of $95.08 million, a price-to-earnings ratio of 12.27 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.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Fonar from a "strong-buy" rating to a "buy" rating in a report on Saturday.

Institutional Trading of Fonar

A hedge fund recently raised its stake in Fonar stock. Empowered Funds LLC increased its stake in shares of Fonar Corporation (NASDAQ:FONR - Free Report) by 7.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,139 shares of the medical equipment provider's stock after purchasing an additional 1,504 shares during the quarter. Empowered Funds LLC owned approximately 0.34% of Fonar worth $296,000 as of its most recent filing with the Securities and Exchange Commission. 50.64% of the stock is owned by hedge funds and other institutional investors.

About Fonar

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.