Fonar (NASDAQ:FONR) Stock Passes Above Two Hundred Day Moving Average – Time to Sell?

Fonar Corporation (NASDAQ:FONR) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.95 and traded as high as $18.59. Fonar shares last traded at $18.54, with a volume of 71,984 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Fonar to a “hold” rating in a research report on Friday, November 28th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Fonar Trading Down 0.2%

The company has a market cap of $114.95 million, a price-to-earnings ratio of 16.70 and a beta of 1.00. The stock’s 50 day moving average price is $17.26 and its 200 day moving average price is $15.95.

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

Institutional Investors Weigh In On Fonar

A number of institutional investors have recently added to or reduced their stakes in the company. Ritholtz Wealth Management purchased a new stake in shares of Fonar during the 2nd quarter worth about $157,000. Dimensional Fund Advisors LP lifted its position in Fonar by 1.2% during the third quarter. Dimensional Fund Advisors LP now owns 376,976 shares of the medical equipment provider’s stock valued at $5,677,000 after buying an additional 4,413 shares in the last quarter. Geode Capital Management LLC grew its stake in Fonar by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 69,612 shares of the medical equipment provider’s stock worth $1,292,000 after buying an additional 1,336 shares during the period. Bridgeway Capital Management LLC increased its position in shares of Fonar by 2.3% in the second quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock worth $1,247,000 after acquiring an additional 1,843 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Fonar by 9.3% in the 4th quarter. Empowered Funds LLC now owns 27,765 shares of the medical equipment provider’s stock valued at $515,000 after acquiring an additional 2,373 shares during the period. Hedge funds and other institutional investors 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.