Fonar (NASDAQ:FONR) Major Shareholder Hilary Shane Purchases 41,913 Shares

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane purchased 41,913 shares of the stock in a transaction dated Friday, May 29th. The shares were bought at an average price of $19.05 per share, for a total transaction of $798,442.65. Following the completion of the acquisition, the insider owned 324,273 shares in the company, valued at $6,177,400.65. This represents a 14.84% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Hilary Shane also recently made the following trade(s):

• On Thursday, May 28th, Hilary Shane purchased 225,426 shares of Fonar stock. The shares were bought at an average price of $19.05 per share, for a total transaction of $4,294,365.30.
• On Wednesday, May 27th, Hilary Shane purchased 71,414 shares of Fonar stock. The shares were bought at an average price of $18.99 per share, for a total transaction of $1,356,151.86.

Fonar Stock Up 0.1%

Fonar stock opened at $19.10 on Friday. The company’s fifty day simple moving average is $18.76 and its 200-day simple moving average is $17.62. Fonar Corporation has a 12 month low of $13.62 and a 12 month high of $19.10. The stock has a market cap of $117.85 million, a P/E ratio of 19.10 and a beta of 0.96.

Fonar (NASDAQ:FONR) last posted its quarterly earnings results on Monday, May 11th. The medical equipment provider reported $0.24 EPS for the quarter. Fonar had a net margin of 6.35% and a return on equity of 4.12%. The business had revenue of $26.47 million for the quarter.

Institutional Investors Weigh In On Fonar

Large investors have recently bought and sold shares of the business. CIBC Private Wealth Group LLC bought a new stake in Fonar in the third quarter worth $90,000. PenderFund Capital Management Ltd. bought a new stake in Fonar in the fourth quarter worth $150,000. Empowered Funds LLC boosted its holdings 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 purchasing an additional 1,504 shares in the last quarter. Lakewood Asset Management LLC boosted its holdings in Fonar by 15.1% in the fourth quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock worth $354,000 after purchasing an additional 2,493 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Fonar in the fourth quarter worth $523,000. 50.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Fonar in a report on Tuesday, April 7th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

Fonar Company Profile

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.