Fonar (NASDAQ:FONR) Major Shareholder Purchases $1,356,151.86 in Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane purchased 71,414 shares of Fonar stock in a transaction that occurred on Wednesday, May 27th. The stock was purchased at an average price of $18.99 per share, with a total value of $1,356,151.86. Following the transaction, the insider owned 98,692 shares in the company, valued at $1,874,161.08. This represents a 261.80% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Hilary Shane also recently made the following trade(s):

• On Friday, May 29th, Hilary Shane purchased 41,913 shares of Fonar stock. The stock was purchased at an average price of $19.05 per share, with a total value of $798,442.65.
• On Thursday, May 28th, Hilary Shane bought 225,426 shares of Fonar stock. The stock was bought at an average price of $19.05 per share, with a total value of $4,294,365.30.

Fonar Stock Up 0.1%

FONR stock opened at $19.10 on Friday. Fonar Corporation has a 12-month low of $13.62 and a 12-month high of $19.10. The company has a market cap of $117.85 million, a price-to-earnings ratio of 19.10 and a beta of 0.96. The company has a 50 day moving average of $18.76 and a two-hundred day moving average of $17.62.

Fonar (NASDAQ:FONR) last released its earnings results on Monday, May 11th. The medical equipment provider reported $0.24 earnings per share (EPS) for the quarter. Fonar had a net margin of 6.35% and a return on equity of 4.12%. The company had revenue of $26.47 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FONR. CIBC Private Wealth Group LLC acquired a new position in Fonar in the 3rd quarter valued at $90,000. PenderFund Capital Management Ltd. acquired a new position in Fonar in the 4th quarter valued at $150,000. Empowered Funds LLC grew its stake in Fonar by 7.7% in the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 1,504 shares during the last quarter. Lakewood Asset Management LLC grew its stake in Fonar by 15.1% in the 4th quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock valued at $354,000 after buying an additional 2,493 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Fonar in the 4th quarter valued at $523,000. Institutional investors own 50.64% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Fonar in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold”.

Fonar Company Profile

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.