Fonar (NASDAQ:FONR) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Fonar Corporation (NASDAQ:FONR)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.28 and traded as high as $15.87. Fonar shares last traded at $15.50, with a volume of 9,283 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Fonar from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 26th.

Fonar Stock Performance

The company has a market cap of $96.10 million, a price-to-earnings ratio of 12.40 and a beta of 0.97. The business has a fifty day moving average price of $15.57 and a 200 day moving average price of $14.28.

Hedge Funds Weigh In On Fonar

A number of institutional investors have recently modified their holdings of the business. Bridgeway Capital Management LLC raised its holdings in shares of Fonar by 1.2% during the 4th quarter. Bridgeway Capital Management LLC now owns 80,035 shares of the medical equipment provider’s stock worth $1,212,000 after buying an additional 945 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Fonar by 7.7% during the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after buying an additional 1,504 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Fonar by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 376,678 shares of the medical equipment provider’s stock worth $5,703,000 after purchasing an additional 2,149 shares in the last quarter. Money Concepts Capital Corp increased its holdings in Fonar by 1.2% in the 1st quarter. Money Concepts Capital Corp now owns 406,296 shares of the medical equipment provider’s stock worth $5,692,000 after purchasing an additional 4,719 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC increased its holdings in Fonar by 16.5% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 34,054 shares of the medical equipment provider’s stock worth $477,000 after purchasing an additional 4,818 shares in the last quarter. Institutional investors and hedge funds own 50.64% of the company’s stock.

Fonar Company Profile

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.