Key Points
- Major shareholder Hilary Shane bought 71,414 shares of Fonar at an average price of $18.99 per share, a transaction worth about $1.36 million. After the purchase, Shane's stake rose to 98,692 shares, a 261.8% increase.
- Fonar stock recently traded near its 52-week high, opening at $19.01, with the company carrying a market cap of $117.29 million and a P/E ratio of 19.01. The shares have also been above both their 50-day and 200-day moving averages.
- The medical equipment maker reported Q1 earnings of $0.24 per share on revenue of $26.47 million, and analysts currently have an overall Hold view on the stock.
Fonar Corporation (NASDAQ:FONR - Get Free Report) major shareholder Hilary Shane bought 71,414 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The stock was acquired at an average cost of $18.99 per share, with a total value of $1,356,151.86. Following the completion of the acquisition, the insider owned 98,692 shares of the company's stock, valued at $1,874,161.08. This represents a 261.80% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.
Fonar Stock Performance
FONR stock opened at $19.01 on Thursday. The firm has a fifty day moving average price of $18.73 and a 200 day moving average price of $17.58. Fonar Corporation has a fifty-two week low of $13.62 and a fifty-two week high of $19.03. The firm has a market cap of $117.29 million, a PE ratio of 19.01 and a beta of 0.96.
Fonar (NASDAQ:FONR - Get Free Report) last posted its earnings results on Monday, May 11th. The medical equipment provider reported $0.24 earnings per share for the quarter. Fonar had a net margin of 6.35% and a return on equity of 4.12%. The firm had revenue of $26.47 million during the quarter.
Institutional Trading of Fonar
Several institutional investors and hedge funds have recently made changes to their positions in the business. Groupe la Francaise bought a new stake in shares of Fonar during the first quarter worth $2,205,000. Gabelli Funds LLC bought a new stake in shares of Fonar during the first quarter worth $1,680,000. Credit Industriel ET Commercial bought a new stake in shares of Fonar during the first quarter worth $1,470,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of Fonar during the first quarter worth $1,001,000. Finally, Virtu Financial LLC bought a new stake in shares of Fonar during the fourth quarter worth $780,000. 50.64% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings restated 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, Based on data from MarketBeat.com, the company has an average rating of "Hold".
Read Our Latest Stock Report on Fonar
About Fonar
(
Get Free Report)
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.
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