Fonar (NASDAQ:FONR) Shares Pass Above Two Hundred Day Moving Average – Should You Sell?

Fonar Corporation (NASDAQ:FONR)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.95 and traded as high as $18.59. Fonar shares last traded at $18.54, with a volume of 71,984 shares.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Fonar to a “hold” rating in a research note on Friday, November 28th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

Fonar Stock Performance

The company has a market cap of $115.07 million, a price-to-earnings ratio of 16.71 and a beta of 1.00. The company has a 50-day simple moving average of $17.34 and a 200-day simple moving average of $15.97.

Fonar (NASDAQ:FONR) last posted its quarterly earnings results on Friday, February 13th. The medical equipment provider reported $0.31 earnings per share for the quarter. Fonar had a return on equity of 4.66% and a net margin of 7.08%.The firm had revenue of $25.55 million for the quarter.

Hedge Funds Weigh In On Fonar

A number of large investors have recently made changes to their positions in FONR. Money Concepts Capital Corp lifted its stake in shares of Fonar by 5.6% in the fourth quarter. Money Concepts Capital Corp now owns 510,672 shares of the medical equipment provider’s stock valued at $9,478,000 after purchasing an additional 27,150 shares during the period. Dimensional Fund Advisors LP increased its holdings in Fonar by 1.2% in the third quarter. Dimensional Fund Advisors LP now owns 376,976 shares of the medical equipment provider’s stock valued at $5,677,000 after buying an additional 4,413 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Fonar by 2.3% during the 4th quarter. Renaissance Technologies LLC now owns 315,716 shares of the medical equipment provider’s stock valued at $5,860,000 after acquiring an additional 7,100 shares during the period. Bridgeway Capital Management LLC boosted its stake in shares of Fonar by 2.3% during the 2nd quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock worth $1,247,000 after acquiring an additional 1,843 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Fonar by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 69,612 shares of the medical equipment provider’s stock worth $1,292,000 after acquiring an additional 1,336 shares during the period. Hedge funds and other institutional investors own 50.64% of the company’s stock.

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.