Fonar (NASDAQ:FONR) Shares Cross Above 200-Day Moving Average - Here's Why

Fonar Corporation (NASDAQ:FONR - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $14.29 and traded as high as $16.18. Fonar shares last traded at $16.00, with a volume of 50,981 shares traded.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Fonar from a "strong-buy" rating to a "buy" rating in a research note on Friday.

Fonar Stock Performance

The business's 50 day moving average is $14.57 and its 200-day moving average is $14.29. The stock has a market cap of $99.20 million, a price-to-earnings ratio of 12.80 and a beta of 1.00.

Fonar (NASDAQ:FONR - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The medical equipment provider reported $0.37 earnings per share (EPS) for the quarter. Fonar had a net margin of 8.19% and a return on equity of 5.31%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of FONR. Bridgeway Capital Management LLC grew its position in shares of Fonar by 1.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 80,035 shares of the medical equipment provider's stock worth $1,212,000 after buying an additional 945 shares in the last quarter. Empowered Funds LLC boosted its holdings in Fonar by 7.7% in 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 in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Fonar by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 376,678 shares of the medical equipment provider's stock valued at $5,703,000 after purchasing an additional 2,149 shares in the last quarter. Money Concepts Capital Corp boosted its holdings in Fonar by 1.2% in 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 in the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its holdings in Fonar by 16.5% in 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 in the last quarter. Institutional investors and hedge funds own 50.64% of the company's stock.

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.

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