Fonar (NASDAQ:FONR) Announces Quarterly Earnings Results

Fonar (NASDAQ:FONR) announced its quarterly earnings results on Monday. The medical equipment provider reported $0.34 earnings per share (EPS) for the quarter, Zacks reports. Fonar had a net margin of 7.99% and a return on equity of 5.22%.

Fonar Trading Up 2.1%

Fonar stock traded up $0.31 during mid-day trading on Monday, hitting $15.01. The company’s stock had a trading volume of 61,310 shares, compared to its average volume of 18,846. The stock’s fifty day moving average is $15.47 and its two-hundred day moving average is $14.90. The firm has a market capitalization of $93.11 million, a PE ratio of 12.20 and a beta of 0.90. Fonar has a 1 year low of $12.00 and a 1 year high of $17.62.

Hedge Funds Weigh In On Fonar

An institutional investor recently raised its position in Fonar stock. Empowered Funds LLC raised its stake in Fonar Corporation (NASDAQ:FONR) by 7.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,139 shares of the medical equipment provider’s stock after buying an additional 1,504 shares during the quarter. Empowered Funds LLC owned about 0.34% of Fonar worth $296,000 at the end of the most recent quarter. 50.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Wall Street Zen downgraded Fonar from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 20th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Fonar in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

About Fonar

FONAR Corporation, together with its subsidiaries, engages in the research, development, production, and marketing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases in the United States. The company operates in two segments, Medical Equipment, and Physician Management and Diagnostic Services.