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

Fonar Corporation (NASDAQ:FONR)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.56 and traded as high as $16.00. Fonar shares last traded at $15.70, with a volume of 6,387 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on FONR shares. Wall Street Zen downgraded Fonar from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 20th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Fonar in a research note on Tuesday. One analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold”.

Fonar Stock Down 0.9%

The stock has a market cap of $97.34 million, a PE ratio of 12.76 and a beta of 0.91. The business has a 50 day moving average price of $15.51 and a 200 day moving average price of $14.56.

Fonar (NASDAQ:FONR) last released its quarterly earnings results on Monday, September 22nd. The medical equipment provider reported $0.11 earnings per share for the quarter. The company had revenue of $27.28 million during the quarter. Fonar had a return on equity of 5.22% and a net margin of 7.99%.

Hedge Funds Weigh In On Fonar

A number of large investors have recently bought and sold shares of FONR. Money Concepts Capital Corp raised its holdings in Fonar by 1.2% in the 1st quarter. Money Concepts Capital Corp now owns 406,296 shares of the medical equipment provider’s stock worth $5,692,000 after purchasing an additional 4,719 shares during the period. Linden Thomas Advisory Services LLC raised its holdings in Fonar by 16.5% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 34,054 shares of the medical equipment provider’s stock worth $477,000 after purchasing an additional 4,818 shares during the period. Empowered Funds LLC raised its holdings in Fonar by 7.7% in the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after purchasing an additional 1,504 shares during the period. Ritholtz Wealth Management acquired a new position in Fonar in the 2nd quarter worth about $157,000. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Fonar by 2.3% during the second quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 1,843 shares during the last quarter. Institutional investors and hedge funds own 50.64% of the company’s stock.

Fonar Company Profile

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.