Hilary Shane Purchases 41,913 Shares of Fonar (NASDAQ:FONR) Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane purchased 41,913 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were acquired at an average price of $19.05 per share, for a total transaction of $798,442.65. Following the purchase, the insider directly owned 324,273 shares in the company, valued at approximately $6,177,400.65. The trade was a 14.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more 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 Thursday, May 28th, Hilary Shane acquired 225,426 shares of Fonar stock. The stock was bought at an average price of $19.05 per share, with a total value of $4,294,365.30.
• On Wednesday, May 27th, Hilary Shane bought 71,414 shares of Fonar stock. The stock was bought at an average cost of $18.99 per share, for a total transaction of $1,356,151.86.

Fonar Trading Up 0.1%

NASDAQ FONR traded up $0.01 on Friday, hitting $19.10. 319,128 shares of the company traded hands, compared to its average volume of 73,222. The business’s 50 day moving average price is $18.75 and its 200-day moving average price is $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 52-week low of $13.62 and a 52-week high of $19.10.

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

Wall Street Analyst Weigh In

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

Institutional Trading of Fonar

Several hedge funds have recently modified their holdings of FONR. CIBC Private Wealth Group LLC purchased a new stake in shares of Fonar during the 3rd quarter worth approximately $90,000. PenderFund Capital Management Ltd. purchased a new stake in shares of Fonar during the 4th quarter worth approximately $150,000. Empowered Funds LLC raised its holdings in shares of Fonar by 7.7% during the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after acquiring an additional 1,504 shares in the last quarter. Lakewood Asset Management LLC raised its holdings in shares of Fonar by 15.1% during the 4th quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock worth $354,000 after acquiring an additional 2,493 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Fonar during the 4th quarter worth approximately $523,000. 50.64% of the stock is owned by hedge funds and other 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.