Fonar (NASDAQ:FONR) Share Price Passes Above Two Hundred Day Moving Average - What's Next?

Fonar Corporation (NASDAQ:FONR - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $17.21 and traded as high as $18.89. Fonar shares last traded at $18.85, with a volume of 83,194 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "hold (c)" rating on shares of Fonar in a report on Tuesday, April 7th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold".

Fonar Price Performance

The stock has a market capitalization of $116.30 million, a price-to-earnings ratio of 16.68 and a beta of 0.96. The business has a fifty day moving average of $18.63 and a 200 day moving average of $17.21.

Fonar (NASDAQ:FONR - Get Free Report) last released its quarterly earnings data on Friday, February 13th. The medical equipment provider reported $0.31 EPS for the quarter. The firm had revenue of $18.25 million for the quarter. Fonar had a return on equity of 4.69% and a net margin of 7.13%.

Institutional Trading of Fonar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC purchased a new stake in Fonar in the third quarter valued at approximately $90,000. PenderFund Capital Management Ltd. purchased a new stake in Fonar in the fourth quarter valued at approximately $150,000. Inspire Advisors LLC purchased a new stake in Fonar in the third quarter valued at approximately $216,000. Lakewood Asset Management LLC raised its position in Fonar by 51.2% in the third quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider's stock valued at $249,000 after purchasing an additional 5,607 shares during the period. Finally, Ritholtz Wealth Management increased its position in shares of Fonar by 66.4% during the third quarter. Ritholtz Wealth Management now owns 17,417 shares of the medical equipment provider's stock worth $262,000 after acquiring an additional 6,948 shares during the period. Hedge funds and other institutional investors own 50.64% of the company's stock.

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.

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