Fonar (NASDAQ:FONR) Shares Pass Above 200-Day Moving Average – What’s Next?

Fonar Corporation (NASDAQ:FONR) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $17.21 and traded as high as $18.89. Fonar shares last traded at $18.85, with a volume of 83,194 shares changing hands.

Wall Street Analyst Weigh In

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

Fonar Stock Down 0.2%

The stock has a 50-day moving average of $18.63 and a 200 day moving average of $17.21. The company has a market capitalization of $116.36 million, a PE ratio of 16.68 and a beta of 0.96.

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

Institutional Trading of Fonar

A number of large investors have recently bought and sold shares of FONR. Credit Industriel ET Commercial purchased a new stake in Fonar in the first quarter worth $1,470,000. Virtu Financial LLC purchased a new stake in Fonar in the fourth quarter worth $780,000. Marshall Wace LLP purchased a new stake in Fonar in the fourth quarter worth $523,000. Money Concepts Capital Corp increased its position in Fonar by 5.6% in the fourth quarter. Money Concepts Capital Corp now owns 510,672 shares of the medical equipment provider’s stock worth $9,478,000 after buying an additional 27,150 shares during the last quarter. Finally, Inspire Advisors LLC purchased a new stake in Fonar in the third quarter worth $216,000. 50.64% of the stock is owned by hedge funds and other institutional investors.

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.