Fonar (NASDAQ:FONR) Stock Passes Above 200 Day Moving Average - Time to Sell?

Key Points

• Fonar's stock crossed above its 200‑day moving average, trading as high as $18.45 versus a 200‑day MA of $16.45 (50‑day MA $18.57) on Tuesday.
• Analyst coverage is neutral: Wall Street Zen upgraded Fonar to a "Hold" and the MarketBeat consensus rating is currently "Hold" (one analyst).
• Fundamentals and ownership: market cap $113.84M, P/E 16.33, last quarter EPS $0.31 on $18.25M revenue, and institutional investors own about 50.64% with several funds recently adding positions.

Fonar Corporation (NASDAQ:FONR - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $16.45 and traded as high as $18.45. Fonar shares last traded at $18.45, with a volume of 26,117 shares trading hands.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Fonar to a "hold" rating in a research note on Friday, November 28th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of "Hold".

Fonar Price Performance

The business's fifty day moving average price is $18.57 and its 200-day moving average price is $16.45. The stock has a market capitalization of $113.84 million, a price-to-earnings ratio of 16.33 and a beta of 0.99.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FONR. CIBC Private Wealth Group LLC bought a new stake in Fonar during the third quarter worth $90,000. PenderFund Capital Management Ltd. bought a new position in Fonar during the 4th quarter valued at $150,000. Inspire Advisors LLC purchased a new position in Fonar during the 3rd quarter worth $216,000. Lakewood Asset Management LLC boosted its holdings in Fonar by 51.2% during the 3rd quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider's stock worth $249,000 after acquiring an additional 5,607 shares during the last quarter. Finally, Ritholtz Wealth Management grew its stake in shares of Fonar by 66.4% in the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 50.64% of the company's stock.

About Fonar

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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