FONAR (NASDAQ:FONR) Share Price Passes Below 200 Day Moving Average – Here’s Why

FONAR Co. (NASDAQ:FONR) crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $16.27 and traded as low as $15.40. FONAR shares last traded at $15.71, with a volume of 10,059 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com downgraded FONAR from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 16th.

FONAR Stock Performance

The firm has a market capitalization of $98.30 million, a PE ratio of 11.09 and a beta of 1.21. The firm’s 50 day moving average price is $15.59 and its 200-day moving average price is $16.27.

FONAR (NASDAQ:FONR) last issued its quarterly earnings data on Friday, September 27th. The medical equipment provider reported $0.13 EPS for the quarter. The firm had revenue of $25.94 million for the quarter. FONAR had a net margin of 9.41% and a return on equity of 6.10%.

Hedge Funds Weigh In On FONAR

Large investors have recently bought and sold shares of the stock. Lakewood Asset Management LLC acquired a new stake in shares of FONAR in the 3rd quarter valued at approximately $173,000. Empowered Funds LLC increased its position in FONAR by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 18,690 shares of the medical equipment provider’s stock worth $303,000 after purchasing an additional 938 shares in the last quarter. Corsair Capital Management L.P. lifted its stake in shares of FONAR by 8.8% during the third quarter. Corsair Capital Management L.P. now owns 27,972 shares of the medical equipment provider’s stock worth $453,000 after purchasing an additional 2,266 shares in the last quarter. Inspire Advisors LLC lifted its holdings in FONAR by 177.3% in the 2nd quarter. Inspire Advisors LLC now owns 28,344 shares of the medical equipment provider’s stock worth $454,000 after buying an additional 18,124 shares in the last quarter. Finally, Acuitas Investments LLC increased its stake in shares of FONAR by 142.1% in the second quarter. Acuitas Investments LLC now owns 113,400 shares of the medical equipment provider’s stock worth $1,814,000 after buying an additional 66,563 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.