Fonar (NASDAQ:FONR) Share Price Passes Below 200 Day Moving Average – What’s Next?

Fonar Corporation (NASDAQ:FONR)’s share price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.19 and traded as low as $14.50. Fonar shares last traded at $14.52, with a volume of 27,554 shares changing hands.

Analyst Upgrades and Downgrades

FONR has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Fonar to a “hold” rating in a research note on Friday, November 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Fonar in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Fonar has an average rating of “Hold”.

Fonar Stock Up 0.3%

The company has a market cap of $90.27 million, a P/E ratio of 13.12 and a beta of 1.00. The business has a fifty day simple moving average of $14.76 and a two-hundred day simple moving average of $15.18.

Fonar (NASDAQ:FONR) last released its quarterly earnings results on Monday, November 10th. The medical equipment provider reported $0.34 EPS for the quarter. Fonar had a net margin of 7.08% and a return on equity of 4.66%. The firm had revenue of $26.04 million during the quarter.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FONR. CIBC Private Wealth Group LLC bought a new position in shares of Fonar in the third quarter worth about $90,000. Ritholtz Wealth Management purchased a new position in Fonar in the 2nd quarter worth approximately $157,000. Inspire Advisors LLC bought a new position in Fonar in the 3rd quarter worth approximately $216,000. Lakewood Asset Management LLC boosted its stake in Fonar by 51.2% in the 3rd quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider’s stock worth $249,000 after purchasing an additional 5,607 shares during the period. Finally, Empowered Funds LLC grew its holdings in Fonar by 7.7% during 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 in the last quarter. 50.64% of the stock is currently owned by institutional investors.

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.