Key Points
- Major shareholder Hilary Shane bought 215,336 Fonar shares for about $4.11 million at an average price of $19.10 per share, lifting their ownership to 520,609 shares.
- Shane has been actively buying the stock over several days, including purchases on May 27, 28, and 29, with each transaction adding to a much larger recent stake increase.
- Fonar’s stock recently traded near its 52-week high at $19.09, while the company reported quarterly EPS of $0.24 on revenue of $26.47 million and currently carries a Hold rating.
Fonar Corporation (NASDAQ:FONR - Get Free Report) major shareholder Hilary Shane purchased 215,336 shares of the business's stock in a transaction on Tuesday, June 2nd. The shares were acquired at an average cost of $19.10 per share, with a total value of $4,112,917.60. Following the acquisition, the insider directly owned 520,609 shares in the company, valued at approximately $9,943,631.90. The trade was a 70.54% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Hilary Shane also recently made the following trade(s):
- On Friday, May 29th, Hilary Shane purchased 41,913 shares of Fonar stock. The shares were acquired at an average cost of $19.05 per share, with a total value of $798,442.65.
- On Thursday, May 28th, Hilary Shane purchased 225,426 shares of Fonar stock. The shares were acquired at an average cost of $19.05 per share, with a total value of $4,294,365.30.
- On Wednesday, May 27th, Hilary Shane purchased 71,414 shares of Fonar stock. The shares were acquired at an average cost of $18.99 per share, with a total value of $1,356,151.86.
Fonar Price Performance
Shares of Fonar stock opened at $19.09 on Friday. The business has a fifty day simple moving average of $18.82 and a two-hundred day simple moving average of $17.76. Fonar Corporation has a 1 year low of $13.62 and a 1 year high of $19.16. The company has a market capitalization of $117.79 million, a price-to-earnings ratio of 19.09 and a beta of 0.95.
Fonar (NASDAQ:FONR - Get Free Report) last announced its quarterly earnings results 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 during the quarter.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the company. Groupe la Francaise bought a new position in Fonar during the 1st quarter worth $2,205,000. RBF Capital LLC increased its position in Fonar by 18.7% during the 1st quarter. RBF Capital LLC now owns 89,534 shares of the medical equipment provider's stock worth $1,662,000 after buying an additional 14,087 shares during the period. Gabelli Funds LLC bought a new position in Fonar during the 1st quarter worth $1,680,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of Fonar in the first quarter worth $1,001,000. Finally, Credit Industriel ET Commercial bought a new position in shares of Fonar in the first quarter worth $1,470,000. Institutional investors own 50.64% of the company's stock.
Analyst Ratings Changes
Separately, Weiss Ratings reaffirmed 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, According to MarketBeat.com, the company has an average rating of "Hold".
Get Our Latest Analysis on Fonar
About Fonar
(
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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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