Hilary Shane Acquires 215,336 Shares of Fonar (NASDAQ:FONR) Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane purchased 215,336 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were acquired at an average price of $19.10 per share, for a total transaction of $4,112,917.60. Following the completion of the transaction, the insider directly owned 520,609 shares of the company’s stock, valued at $9,943,631.90. The trade was a 70.54% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 bought 41,913 shares of Fonar stock. The shares were purchased at an average cost of $19.05 per share, for a total transaction of $798,442.65.
• On Thursday, May 28th, Hilary Shane bought 225,426 shares of Fonar stock. The shares were purchased at an average cost of $19.05 per share, for a total transaction of $4,294,365.30.
• On Wednesday, May 27th, Hilary Shane bought 71,414 shares of Fonar stock. The shares were purchased at an average cost of $18.99 per share, for a total transaction of $1,356,151.86.

Fonar Price Performance

Shares of FONR stock opened at $19.09 on Friday. The firm’s 50-day moving average is $18.83 and its two-hundred day moving average is $17.77. Fonar Corporation has a 12 month low of $13.62 and a 12 month high of $19.16. The company has a market capitalization of $117.79 million, a PE ratio of 19.09 and a beta of 0.95.

Fonar (NASDAQ:FONR) last issued its 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 company had revenue of $26.47 million for the quarter.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Fonar

Institutional investors and hedge funds have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC purchased a new stake in shares of Fonar in the 3rd quarter valued at approximately $90,000. PenderFund Capital Management Ltd. purchased a new stake in shares of Fonar in the 4th quarter valued at approximately $150,000. Lakewood Asset Management LLC raised its stake 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 acquiring an additional 2,493 shares during the period. Empowered Funds LLC raised its stake 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 acquiring an additional 1,504 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Fonar in the 4th quarter valued at approximately $523,000. 50.64% of the stock is owned by hedge funds and other institutional investors.

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.