Fonar (NASDAQ:FONR) Upgraded to "Strong-Buy" at Wall Street Zen

Key Points

• Fonar, a medical equipment provider, has been upgraded by Wall Street Zen from a "buy" to a "strong-buy" rating.
• The stock opened at $16.07 and has a market cap of $99.63 million, reflecting a stable P/E ratio of 12.86.
• Recent institutional activity shows a combined ownership of 50.64% of Fonar's stock by institutional investors and hedge funds.

Fonar (NASDAQ:FONR - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday.

Fonar Stock Down 0.3%

NASDAQ FONR traded down $0.04 on Friday, reaching $15.92. The stock had a trading volume of 17,341 shares, compared to its average volume of 31,742. The firm has a market capitalization of $98.70 million, a price-to-earnings ratio of 12.74 and a beta of 1.00. Fonar has a 12-month low of $12.00 and a 12-month high of $18.64. The stock has a fifty day moving average price of $14.99 and a two-hundred day moving average price of $14.32.

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

Hedge Funds Weigh In On Fonar

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ritholtz Wealth Management acquired a new position in Fonar in the second quarter valued at $157,000. Empowered Funds LLC boosted its stake in shares of Fonar by 7.7% during 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 boosted its stake 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. Bridgeway Capital Management LLC boosted its stake 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 during the period. Finally, Money Concepts Capital Corp boosted its stake in shares of Fonar by 1.2% during 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. 50.64% of the stock is owned by institutional investors and hedge funds.

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.