FONAR (NASDAQ:FONR) Cut to Buy at StockNews.com

StockNews.com cut shares of FONAR (NASDAQ:FONR) from a strong-buy rating to a buy rating in a research note published on Saturday.

FONAR Price Performance

FONR stock opened at $14.87 on Friday. FONAR has a 1 year low of $14.05 and a 1 year high of $24.05. The stock has a market cap of $94.13 million, a price-to-earnings ratio of 10.84 and a beta of 1.19. The company has a 50 day simple moving average of $15.98 and a 200 day simple moving average of $16.30.

FONAR (NASDAQ:FONR) last posted its earnings results on Friday, September 27th. The medical equipment provider reported $0.13 earnings per share for the quarter. FONAR had a net margin of 9.41% and a return on equity of 6.10%. The firm had revenue of $25.94 million for the quarter.

Institutional Investors Weigh In On FONAR

A number of institutional investors have recently added to or reduced their stakes in FONR. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of FONAR by 1.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 609,789 shares of the medical equipment provider’s stock valued at $9,757,000 after purchasing an additional 7,645 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of FONAR by 11.5% in the 2nd quarter. Renaissance Technologies LLC now owns 344,216 shares of the medical equipment provider’s stock valued at $5,507,000 after purchasing an additional 35,375 shares during the last quarter. Acuitas Investments LLC boosted its stake in shares of FONAR by 142.1% in the 2nd quarter. Acuitas Investments LLC now owns 113,400 shares of the medical equipment provider’s stock valued at $1,814,000 after purchasing an additional 66,563 shares during the last quarter. Hillsdale Investment Management Inc. boosted its stake in shares of FONAR by 7.8% in the 1st quarter. Hillsdale Investment Management Inc. now owns 66,200 shares of the medical equipment provider’s stock valued at $1,414,000 after purchasing an additional 4,800 shares during the last quarter. Finally, Inspire Advisors LLC boosted its stake in shares of FONAR by 21.2% in the 3rd quarter. Inspire Advisors LLC now owns 34,342 shares of the medical equipment provider’s stock valued at $556,000 after purchasing an additional 5,998 shares during the last quarter. 50.64% of the stock is owned by institutional investors.

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.