Fonar (NASDAQ:FONR) Stock Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Shares of Fonar Corporation (NASDAQ:FONR) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $15.84 and traded as high as $18.64. Fonar shares last traded at $18.52, with a volume of 136,266 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FONR. Weiss Ratings reissued a “hold (c-)” rating on shares of Fonar in a research report on Tuesday, October 14th. Wall Street Zen upgraded Fonar to a “hold” rating in a research note on Friday, November 28th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

Fonar Trading Down 0.5%

The company’s 50-day simple moving average is $16.74 and its 200 day simple moving average is $15.84. The stock has a market cap of $114.82 million, a P/E ratio of 16.68 and a beta of 1.00.

Fonar (NASDAQ:FONR) last issued its quarterly earnings results on Monday, November 10th. The medical equipment provider reported $0.34 EPS for the quarter. Fonar had a return on equity of 4.66% and a net margin of 7.08%.The company had revenue of $26.04 million during the quarter.

Hedge Funds Weigh In On Fonar

Institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its position in Fonar by 7.7% in the first quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after acquiring an additional 1,504 shares during the period. Ritholtz Wealth Management purchased a new stake in shares of Fonar during the 2nd quarter worth approximately $157,000. Bridgeway Capital Management LLC raised its holdings in shares of Fonar by 2.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock worth $1,247,000 after purchasing an additional 1,843 shares during the period. Lakewood Asset Management LLC lifted its stake in Fonar by 51.2% in the third quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider’s stock valued at $249,000 after purchasing an additional 5,607 shares during the last quarter. Finally, Inspire Advisors LLC bought a new position in Fonar during the third quarter valued at $216,000. Institutional investors own 50.64% of the company’s stock.

About Fonar

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.