FONAR (NASDAQ:FONR) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of FONAR Co. (NASDAQ:FONR) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $14.39 and traded as high as $14.98. FONAR shares last traded at $14.51, with a volume of 22,208 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded FONAR from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 19th.

FONAR Stock Performance

The stock’s 50-day simple moving average is $13.06 and its 200 day simple moving average is $14.39. The company has a market capitalization of $90.01 million, a PE ratio of 12.62 and a beta of 0.99.

FONAR (NASDAQ:FONR) last issued its earnings results on Thursday, May 15th. The medical equipment provider reported $0.37 EPS for the quarter. FONAR had a net margin of 7.68% and a return on equity of 4.94%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FONR. Bridgeway Capital Management LLC lifted its stake in FONAR by 1.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 80,035 shares of the medical equipment provider’s stock worth $1,212,000 after purchasing an additional 945 shares during the last quarter. Truffle Hound Capital LLC acquired a new stake in FONAR during the fourth quarter worth approximately $1,363,000. Empowered Funds LLC lifted its position in shares of FONAR by 5.1% during the 4th quarter. Empowered Funds LLC now owns 19,635 shares of the medical equipment provider’s stock worth $297,000 after buying an additional 945 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of FONAR by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 376,678 shares of the medical equipment provider’s stock valued at $5,703,000 after buying an additional 2,149 shares in the last quarter. Finally, Peapod Lane Capital LLC purchased a new position in shares of FONAR in the 4th quarter valued at $2,159,000. Hedge funds and other institutional investors own 50.64% of the company’s stock.

About FONAR

FONAR Corporation, together with its subsidiaries, engages in the research, development, production, and marketing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases in the United States. The company operates in two segments, Medical Equipment, and Physician Management and Diagnostic Services.