Fonar (NASDAQ:FONR) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Fonar Corporation (NASDAQ:FONR) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.31 and traded as high as $15.81. Fonar shares last traded at $15.78, with a volume of 6,910 shares.

Analyst Upgrades and Downgrades

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

Fonar Trading Up 1.3%

The firm has a market cap of $97.84 million, a price-to-earnings ratio of 12.62 and a beta of 0.97. The stock has a fifty day moving average price of $15.66 and a 200 day moving average price of $14.31.

Institutional Trading of Fonar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ritholtz Wealth Management acquired a new stake in Fonar in the 2nd quarter valued at approximately $157,000. Empowered Funds LLC grew its holdings in Fonar by 7.7% in the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 1,504 shares during the last quarter. Linden Thomas Advisory Services LLC grew 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 valued at $477,000 after buying an additional 4,818 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in Fonar by 2.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock valued at $1,247,000 after buying an additional 1,843 shares during the last quarter. Finally, Money Concepts Capital Corp grew 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 valued at $5,692,000 after buying an additional 4,719 shares during the last quarter. Institutional investors and hedge funds 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.