Hilary Shane Buys 41,913 Shares of Fonar (NASDAQ:FONR) Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane acquired 41,913 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were purchased at an average cost of $19.05 per share, for a total transaction of $798,442.65. Following the completion of the acquisition, the insider directly owned 324,273 shares in the company, valued at approximately $6,177,400.65. This represents a 14.84% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Hilary Shane also recently made the following trade(s):

• On Thursday, May 28th, Hilary Shane acquired 225,426 shares of Fonar stock. The shares were bought at an average price of $19.05 per share, for a total transaction of $4,294,365.30.
• On Wednesday, May 27th, Hilary Shane acquired 71,414 shares of Fonar stock. The shares were bought at an average price of $18.99 per share, for a total transaction of $1,356,151.86.

Fonar Stock Performance

FONR stock traded up $0.01 during midday trading on Friday, reaching $19.10. 319,128 shares of the company traded hands, compared to its average volume of 73,222. Fonar Corporation has a 52-week low of $13.62 and a 52-week high of $19.10. The business has a 50 day moving average of $18.75 and a 200-day moving average of $17.61. The firm has a market capitalization of $117.85 million, a price-to-earnings ratio of 19.10 and a beta of 0.96.

Fonar (NASDAQ:FONR) last issued its quarterly earnings data on Monday, May 11th. The medical equipment provider reported $0.24 earnings per share (EPS) for the quarter. Fonar had a return on equity of 4.12% and a net margin of 6.35%.The business had revenue of $26.47 million for the quarter.

Hedge Funds Weigh In On Fonar

Several hedge funds have recently bought and sold shares of the business. Groupe la Francaise purchased a new stake in Fonar in the first quarter worth $2,205,000. RBF Capital LLC boosted its stake in shares of Fonar by 18.7% during the first quarter. RBF Capital LLC now owns 89,534 shares of the medical equipment provider’s stock valued at $1,662,000 after purchasing an additional 14,087 shares during the period. Gabelli Funds LLC bought a new position in shares of Fonar in the first quarter worth about $1,680,000. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Fonar in the 1st quarter worth about $1,001,000. Finally, Credit Industriel ET Commercial purchased a new position in Fonar in the 1st quarter worth about $1,470,000. Institutional investors own 50.64% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Fonar in a report on Tuesday, April 7th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Fonar has an average rating of “Hold”.

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.