Fonar (NASDAQ:FONR) Stock Price Crosses Above 200 Day Moving Average – Time to Sell?

Fonar Corporation (NASDAQ:FONR)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.75 and traded as high as $15.45. Fonar shares last traded at $15.33, with a volume of 7,600 shares trading hands.

Wall Street Analyst Weigh In

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

Fonar Price Performance

The stock has a market capitalization of $95.09 million, a P/E ratio of 12.46 and a beta of 0.91. The stock’s fifty day moving average is $15.55 and its two-hundred day moving average is $14.75.

Fonar (NASDAQ:FONR) last issued its earnings results on Monday, September 22nd. The medical equipment provider reported $0.11 earnings per share for the quarter. The firm had revenue of $27.28 million during the quarter. Fonar had a net margin of 7.99% and a return on equity of 5.22%.

Institutional Trading of Fonar

A number of large investors have recently added to or reduced their stakes in the business. Inspire Advisors LLC bought a new stake in Fonar during the third quarter worth approximately $216,000. Ritholtz Wealth Management lifted its position in shares of Fonar by 66.4% in the 3rd quarter. Ritholtz Wealth Management now owns 17,417 shares of the medical equipment provider’s stock valued at $262,000 after acquiring an additional 6,948 shares in the last quarter. Lakewood Asset Management LLC lifted its position in shares of Fonar by 51.2% in the 3rd quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider’s stock valued at $249,000 after acquiring an additional 5,607 shares in the last quarter. Bridgeway Capital Management LLC lifted its position in shares of Fonar by 2.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 1,843 shares in the last quarter. Finally, Empowered Funds LLC lifted its position 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 in the last quarter. 50.64% of the stock is currently owned by institutional investors.

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.