Fonar (NASDAQ:FONR) Announces Quarterly Earnings Results

Fonar (NASDAQ:FONR) announced its quarterly earnings data on Monday. The medical equipment provider reported $0.24 earnings per share for the quarter, FiscalAI reports. Fonar had a return on equity of 4.69% and a net margin of 7.13%.The firm had revenue of $26.47 million during the quarter.

Fonar Stock Down 0.1%

Shares of Fonar stock opened at $18.84 on Tuesday. The company has a market cap of $116.24 million, a PE ratio of 16.67 and a beta of 0.96. The business has a 50 day moving average of $18.64 and a 200 day moving average of $17.26. Fonar has a 52 week low of $12.24 and a 52 week high of $18.95.

Wall Street Analysts Forecast Growth

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 an average rating of “Hold”.

Hedge Funds Weigh In On Fonar

A number of hedge funds and other institutional investors have recently made changes to their positions in FONR. Geode Capital Management LLC raised its stake in Fonar by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 69,612 shares of the medical equipment provider’s stock worth $1,292,000 after buying an additional 1,336 shares in the last quarter. Empowered Funds LLC raised its stake in Fonar by 7.7% in the first quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after buying an additional 1,504 shares in the last quarter. Bridgeway Capital Management LLC raised its stake in Fonar by 2.3% in the second quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock worth $1,247,000 after buying an additional 1,843 shares in the last quarter. RBF Capital LLC raised its stake in Fonar by 3.3% in the fourth quarter. RBF Capital LLC now owns 75,447 shares of the medical equipment provider’s stock worth $1,400,000 after buying an additional 2,389 shares in the last quarter. Finally, Lakewood Asset Management LLC raised its stake in Fonar by 15.1% in the fourth quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock worth $354,000 after buying an additional 2,493 shares in the last quarter. Institutional investors own 50.64% of the company’s stock.

About Fonar

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.