Insider Buying: Fonar (NASDAQ:FONR) Major Shareholder Purchases 225,426 Shares of Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane acquired 225,426 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was acquired at an average price of $19.05 per share, with a total value of $4,294,365.30. Following the transaction, the insider directly owned 324,118 shares of the company’s stock, valued at $6,174,447.90. This represents a 228.41% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Friday, May 29th, Hilary Shane bought 41,913 shares of Fonar stock. The shares were bought at an average price of $19.05 per share, for a total transaction of $798,442.65.
• On Wednesday, May 27th, Hilary Shane purchased 71,414 shares of Fonar stock. The shares were bought at an average cost of $18.99 per share, for a total transaction of $1,356,151.86.

Fonar Trading Up 0.1%

Shares of FONR traded up $0.01 during trading hours on Friday, reaching $19.10. The company had a trading volume of 319,128 shares, compared to its average volume of 73,222. The firm has a 50 day simple moving average of $18.75 and a 200-day simple moving average of $17.61. The company has a market capitalization of $117.85 million, a price-to-earnings ratio of 19.10 and a beta of 0.96. Fonar Corporation has a 12-month low of $13.62 and a 12-month high of $19.10.

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

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Groupe la Francaise purchased a new position in shares of Fonar in the first quarter valued at $2,205,000. RBF Capital LLC increased its position in shares of Fonar by 18.7% in the first quarter. RBF Capital LLC now owns 89,534 shares of the medical equipment provider’s stock valued at $1,662,000 after buying an additional 14,087 shares in the last quarter. Gabelli Funds LLC purchased a new position in shares of Fonar in the first quarter valued at $1,680,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in shares of Fonar during the first quarter valued at $1,001,000. Finally, Credit Industriel ET Commercial acquired a new stake in shares of Fonar during the first quarter valued at $1,470,000. Hedge funds and other institutional investors own 50.64% of the company’s stock.

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.