StockNews.com Upgrades FONAR (NASDAQ:FONR) to “Strong-Buy”

FONAR (NASDAQ:FONR) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued on Friday.

FONAR Price Performance

FONAR stock opened at $15.03 on Friday. The company’s 50-day moving average is $16.11 and its 200-day moving average is $16.33. The firm has a market capitalization of $95.14 million, a PE ratio of 9.82 and a beta of 1.19. FONAR has a fifty-two week low of $13.47 and a fifty-two week high of $24.05.

FONAR (NASDAQ:FONR) last announced its quarterly earnings results on Friday, September 27th. The medical equipment provider reported $0.13 earnings per share for the quarter. FONAR had a return on equity of 6.77% and a net margin of 10.27%. The firm had revenue of $25.94 million for the quarter.

Institutional Investors Weigh In On FONAR

Several hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its holdings in shares of FONAR by 11.5% in the second quarter. Renaissance Technologies LLC now owns 344,216 shares of the medical equipment provider’s stock valued at $5,507,000 after purchasing an additional 35,375 shares during the last quarter. Acuitas Investments LLC raised its holdings in FONAR by 142.1% in the 2nd quarter. Acuitas Investments LLC now owns 113,400 shares of the medical equipment provider’s stock valued at $1,814,000 after acquiring an additional 66,563 shares during the period. O Shaughnessy Asset Management LLC raised its holdings in FONAR by 38.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 32,978 shares of the medical equipment provider’s stock valued at $704,000 after acquiring an additional 9,237 shares during the period. Inspire Advisors LLC lifted its position in FONAR by 21.2% during the third quarter. Inspire Advisors LLC now owns 34,342 shares of the medical equipment provider’s stock worth $556,000 after acquiring an additional 5,998 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in shares of FONAR by 37.6% during the first quarter. Empowered Funds LLC now owns 16,492 shares of the medical equipment provider’s stock worth $352,000 after acquiring an additional 4,507 shares during the period. Institutional investors and hedge funds own 50.64% of the company’s stock.

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.