Fonar (NASDAQ:FONR) Major Shareholder Hilary Shane Buys 225,426 Shares of Stock

Fonar Corporation (NASDAQ:FONR) major shareholder Hilary Shane acquired 225,426 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was purchased at an average cost of $19.05 per share, for a total transaction of $4,294,365.30. Following the completion of the purchase, the insider directly owned 324,118 shares of the company’s stock, valued at $6,174,447.90. The trade was a 228.41% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s shares 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 purchased at an average cost of $19.05 per share, for a total transaction of $798,442.65.
• On Wednesday, May 27th, Hilary Shane acquired 71,414 shares of Fonar stock. The stock was purchased at an average cost of $18.99 per share, for a total transaction of $1,356,151.86.

Fonar Price Performance

Shares of NASDAQ:FONR opened at $19.10 on Friday. The company’s 50 day simple moving average is $18.76 and its 200 day simple moving average is $17.62. The stock 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 1 year low of $13.62 and a 1 year high of $19.10.

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

Analyst Ratings Changes

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

Hedge Funds Weigh In On Fonar

A number of hedge funds have recently modified their holdings of FONR. CIBC Private Wealth Group LLC acquired a new position in shares of Fonar during the third quarter worth $90,000. PenderFund Capital Management Ltd. acquired a new position in shares of Fonar during the fourth quarter worth $150,000. Empowered Funds LLC lifted its holdings in shares of 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 purchasing an additional 1,504 shares during the period. Lakewood Asset Management LLC lifted its holdings in shares of 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 purchasing 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. Institutional investors and hedge funds 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.