FONAR (NASDAQ:FONR) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

FONAR Co. (NASDAQ:FONR)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $16.05 and traded as high as $16.52. FONAR shares last traded at $16.20, with a volume of 11,476 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of FONAR from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 16th.

FONAR Stock Performance

The firm has a market capitalization of $102.55 million, a P/E ratio of 11.57 and a beta of 1.23. The stock’s 50 day simple moving average is $15.47 and its 200 day simple moving average is $16.05.

FONAR (NASDAQ:FONR) last announced its quarterly earnings results on Tuesday, November 12th. The medical equipment provider reported $0.46 earnings per share (EPS) for the quarter. The firm had revenue of $24.96 million during the quarter. FONAR had a return on equity of 6.10% and a net margin of 9.41%.

Institutional Investors Weigh In On FONAR

Several hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in shares of FONAR by 148.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,012 shares of the medical equipment provider’s stock worth $49,000 after purchasing an additional 1,799 shares during the period. Empowered Funds LLC raised its stake in FONAR by 5.3% in the third quarter. Empowered Funds LLC now owns 18,690 shares of the medical equipment provider’s stock worth $303,000 after buying an additional 938 shares in the last quarter. Corsair Capital Management L.P. raised its stake in FONAR by 8.8% in the third quarter. Corsair Capital Management L.P. now owns 27,972 shares of the medical equipment provider’s stock worth $453,000 after buying an additional 2,266 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its holdings in FONAR by 15.1% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 29,236 shares of the medical equipment provider’s stock worth $443,000 after buying an additional 3,837 shares during the period. Finally, Inspire Advisors LLC boosted its position in FONAR by 21.2% during the 3rd quarter. Inspire Advisors LLC now owns 34,342 shares of the medical equipment provider’s stock valued at $556,000 after acquiring an additional 5,998 shares in the last quarter. 50.64% of the stock is currently owned by hedge funds and other 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.