Fonar (NASDAQ:FONR) Share Price Crosses Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Fonar Corporation's shares have crossed above the 200-day moving average, reaching a high of $15.81 during trading.
• Wall Street Zen upgraded Fonar from a "buy" rating to a "strong-buy" rating in a recent research note.
• Institutional investors currently own 50.64% of Fonar's stock, with several hedge funds increasing their stakes in the company.

Fonar Corporation (NASDAQ:FONR - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.31 and traded as high as $15.81. Fonar shares last traded at $15.78, with a volume of 6,910 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Fonar from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th.

Fonar Trading Down 0.3%

The business has a 50 day simple moving average of $15.65 and a 200-day simple moving average of $14.32. The stock has a market capitalization of $95.91 million, a price-to-earnings ratio of 12.38 and a beta of 0.97.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Money Concepts Capital Corp boosted its stake in Fonar by 1.2% during 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 acquiring an additional 4,719 shares during the last quarter. Linden Thomas Advisory Services LLC boosted its position in shares of 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 worth $477,000 after buying an additional 4,818 shares during the period. Empowered Funds LLC grew its stake in shares of Fonar by 7.7% in the first quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider's stock worth $296,000 after purchasing an additional 1,504 shares in the last quarter. Ritholtz Wealth Management acquired a new position in Fonar during the 2nd quarter valued at about $157,000. Finally, Bridgeway Capital Management LLC increased its stake in shares of 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 acquiring an additional 1,843 shares during the period. 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.