Fonar (NASDAQ:FONR) Share Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Fonar Corporation's stock price surpassed its 200-day moving average during trading, reaching a high of $15.45 with a last trade at $15.11.
• Wall Street Zen upgraded Fonar's stock from a "buy" to a "strong-buy" rating, indicating a positive growth outlook.
• Institutional investors hold 50.64% of Fonar's stock, with several major firms increasing their positions in the company recently.

Shares of Fonar Corporation (NASDAQ:FONR - Get Free Report) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $14.34 and traded as high as $15.45. Fonar shares last traded at $15.11, with a volume of 40,133 shares.

Analysts Set New Price Targets

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

Fonar Price Performance

The company has a 50 day simple moving average of $15.29 and a 200-day simple moving average of $14.32. The stock has a market cap of $93.62 million, a P/E ratio of 12.08 and a beta of 0.96.

Fonar (NASDAQ:FONR - Get Free Report) last issued 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 return on equity of 5.31% and a net margin of 8.19%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Ritholtz Wealth Management purchased a new position in shares of Fonar in the second quarter worth about $157,000. Empowered Funds LLC increased its holdings 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 buying an additional 1,504 shares during the period. Linden Thomas Advisory Services LLC increased its holdings in shares of 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 worth $477,000 after buying an additional 4,818 shares during the period. Bridgeway Capital Management LLC increased its holdings in shares of Fonar by 1.2% in 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 during the period. Finally, Money Concepts Capital Corp increased its holdings in shares of Fonar by 1.2% in the first quarter. Money Concepts Capital Corp now owns 406,296 shares of the medical equipment provider's stock worth $5,692,000 after buying an additional 4,719 shares during the period. Hedge funds and other institutional investors 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.