FONAR (NASDAQ:FONR) Downgraded to “Buy” at StockNews.com

FONAR (NASDAQ:FONR) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

FONAR Trading Up 2.2 %

Shares of FONR traded up $0.37 during mid-day trading on Tuesday, reaching $17.55. The company’s stock had a trading volume of 39,108 shares, compared to its average volume of 17,824. The business has a 50-day simple moving average of $17.22 and a two-hundred day simple moving average of $17.47. The stock has a market cap of $111.06 million, a P/E ratio of 11.25 and a beta of 1.19. FONAR has a 1-year low of $12.13 and a 1-year high of $24.05.

Institutional Investors Weigh In On FONAR

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Linden Thomas Advisory Services LLC lifted its stake in FONAR by 9.6% in the second quarter. Linden Thomas Advisory Services LLC now owns 21,605 shares of the medical equipment provider’s stock worth $346,000 after purchasing an additional 1,900 shares during the last quarter. Denali Advisors LLC boosted its holdings in FONAR by 20.1% in the first quarter. Denali Advisors LLC now owns 16,100 shares of the medical equipment provider’s stock worth $344,000 after acquiring an additional 2,700 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of FONAR by 37.6% in the 1st quarter. Empowered Funds LLC now owns 16,492 shares of the medical equipment provider’s stock worth $352,000 after purchasing an additional 4,507 shares in the last quarter. Hillsdale Investment Management Inc. raised its stake in FONAR by 7.8% during the 1st quarter. Hillsdale Investment Management Inc. now owns 66,200 shares of the medical equipment provider’s stock valued at $1,414,000 after buying an additional 4,800 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC grew its position in shares of FONAR by 1.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 609,789 shares of the medical equipment provider’s stock valued at $9,757,000 after acquiring an additional 7,645 shares during the period. 50.64% of the stock is currently owned by institutional investors.

FONAR Company Profile

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.