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

Shares of FONAR Co. (NASDAQ:FONR) passed 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 traded.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of FONAR from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 16th.

FONAR Stock Down 1.1 %

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

FONAR (NASDAQ:FONR) last posted its earnings results on Friday, September 27th. The medical equipment provider reported $0.13 earnings per share for the quarter. The business 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

A number of large investors have recently bought and sold shares of FONR. Lakewood Asset Management LLC bought a new position in FONAR in the 3rd quarter valued at about $173,000. Empowered Funds LLC increased its stake in shares of FONAR by 5.3% in the third quarter. Empowered Funds LLC now owns 18,690 shares of the medical equipment provider’s stock valued at $303,000 after buying an additional 938 shares during the period. Corsair Capital Management L.P. raised 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 valued at $453,000 after acquiring an additional 2,266 shares during the last quarter. Inspire Advisors LLC raised its position in FONAR by 177.3% during the 2nd quarter. Inspire Advisors LLC now owns 28,344 shares of the medical equipment provider’s stock worth $454,000 after purchasing an additional 18,124 shares during the last quarter. Finally, Acuitas Investments LLC lifted 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 acquiring an additional 66,563 shares during the period. 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.