Fonar (NASDAQ:FONR) Major Shareholder Acquires $4,294,365.30 in Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane acquired 225,426 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were acquired at an average price of $19.05 per share, with a total value of $4,294,365.30. Following the completion of the transaction, the insider directly owned 324,118 shares in the company, valued at approximately $6,174,447.90. This trade represents a 228.41% increase in their position. The purchase 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 shares 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 acquired 41,913 shares of Fonar stock. The shares were acquired at an average price of $19.05 per share, with a total value of $798,442.65.
• On Wednesday, May 27th, Hilary Shane acquired 71,414 shares of Fonar stock. The shares were acquired at an average price of $18.99 per share, with a total value of $1,356,151.86.

Fonar Stock Performance

Shares of NASDAQ FONR opened at $19.10 on Monday. Fonar Corporation has a one year low of $13.62 and a one year high of $19.10. The firm has a market capitalization of $117.85 million, a PE ratio of 19.10 and a beta of 0.96. The business has a 50-day moving average price of $18.76 and a two-hundred day moving average price of $17.64.

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

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Money Concepts Capital Corp increased its position in Fonar by 5.6% in the 4th quarter. Money Concepts Capital Corp now owns 510,672 shares of the medical equipment provider’s stock worth $9,478,000 after buying an additional 27,150 shares during the period. Dimensional Fund Advisors LP increased its position in Fonar by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 376,976 shares of the medical equipment provider’s stock worth $5,677,000 after buying an additional 4,413 shares during the period. Renaissance Technologies LLC increased its position in shares of Fonar by 2.3% during the fourth quarter. Renaissance Technologies LLC now owns 315,716 shares of the medical equipment provider’s stock valued at $5,860,000 after purchasing an additional 7,100 shares during the period. Groupe la Francaise bought a new stake in shares of Fonar during the first quarter valued at approximately $2,205,000. Finally, Gabelli Funds LLC bought a new stake in shares of Fonar during the first quarter valued at approximately $1,680,000. 50.64% of the stock is owned by institutional investors.

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.