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 stock in a transaction that occurred on Tuesday, June 2nd. The stock was acquired at an average cost 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 in the company, valued at $9,943,631.90. This represents a 70.54% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions 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 cost of $19.05 per share, for a total transaction of $798,442.65.
• On Thursday, May 28th, Hilary Shane purchased 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 purchased 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 Stock Performance

Shares of Fonar stock opened at $19.08 on Thursday. Fonar Corporation has a one year low of $13.62 and a one year high of $19.16. The stock has a market cap of $117.74 million, a P/E ratio of 19.08 and a beta of 0.95. The stock’s fifty day moving average is $18.80 and its 200 day moving average is $17.73.

Fonar (NASDAQ:FONR) last issued its earnings results on Monday, May 11th. The medical equipment provider reported $0.24 earnings per share (EPS) 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 for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings restated 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 stock presently has an average rating of “Hold”.

Institutional Trading of Fonar

A number of hedge funds have recently bought and sold shares of FONR. CIBC Private Wealth Group LLC purchased a new stake in Fonar during the third quarter worth $90,000. PenderFund Capital Management Ltd. purchased a new stake in Fonar during the fourth quarter worth $150,000. Empowered Funds LLC lifted its holdings in Fonar by 7.7% during the first quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after buying an additional 1,504 shares during the period. Lakewood Asset Management LLC lifted its holdings in Fonar by 15.1% during the fourth quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock worth $354,000 after buying an additional 2,493 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Fonar during the fourth quarter worth $523,000. 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.