Fonar (NASDAQ:FONR) Major Shareholder Hilary Shane Acquires 215,336 Shares

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane acquired 215,336 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was acquired at an average price of $19.10 per share, with a total value of $4,112,917.60. Following the completion of the transaction, the insider directly owned 520,609 shares in the company, valued at $9,943,631.90. This trade represents a 70.54% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s stock 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 acquired 41,913 shares of Fonar stock. The stock was acquired at an average price of $19.05 per share, with a total value of $798,442.65.
• On Thursday, May 28th, Hilary Shane acquired 225,426 shares of Fonar stock. The stock was acquired at an average price of $19.05 per share, with a total value of $4,294,365.30.
• On Wednesday, May 27th, Hilary Shane acquired 71,414 shares of Fonar stock. The stock was acquired at an average price of $18.99 per share, with a total value of $1,356,151.86.

Fonar Price Performance

NASDAQ:FONR opened at $19.09 on Friday. Fonar Corporation has a twelve month low of $13.62 and a twelve month high of $19.16. The business has a 50 day moving average price of $18.82 and a two-hundred day moving average price of $17.76. The company has a market cap of $117.79 million, a P/E ratio of 19.09 and a beta of 0.95.

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

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Fonar

Large investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC acquired a new stake in shares of Fonar in the 3rd quarter valued at approximately $90,000. PenderFund Capital Management Ltd. acquired a new stake in shares of Fonar in the 4th quarter valued at approximately $150,000. Empowered Funds LLC boosted its holdings in shares of Fonar by 7.7% in the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 1,504 shares during the last quarter. Lakewood Asset Management LLC boosted its holdings in shares of Fonar by 15.1% in the 4th quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock valued at $354,000 after buying an additional 2,493 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Fonar in the 4th quarter valued at approximately $523,000. Institutional investors and hedge funds 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.