FONAR (NASDAQ:FONR) Rating Increased to Strong-Buy at StockNews.com

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

FONAR Trading Down 7.5 %

FONR stock traded down $1.32 during mid-day trading on Monday, reaching $16.19. The company’s stock had a trading volume of 96,889 shares, compared to its average volume of 17,943. The company’s 50 day moving average is $17.27 and its two-hundred day moving average is $17.17. FONAR has a fifty-two week low of $12.13 and a fifty-two week high of $24.05. The stock has a market cap of $102.45 million, a PE ratio of 10.38 and a beta of 1.19.

Institutional Investors Weigh In On FONAR

Hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC lifted its stake in FONAR by 11.5% in the second quarter. Renaissance Technologies LLC now owns 344,216 shares of the medical equipment provider’s stock worth $5,507,000 after acquiring an additional 35,375 shares during the last quarter. Acuitas Investments LLC lifted its position in shares of FONAR by 142.1% during the 2nd quarter. Acuitas Investments LLC now owns 113,400 shares of the medical equipment provider’s stock worth $1,814,000 after purchasing an additional 66,563 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in FONAR by 38.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 32,978 shares of the medical equipment provider’s stock valued at $704,000 after buying an additional 9,237 shares during the last quarter. Denali Advisors LLC raised its stake in FONAR by 20.1% in the first quarter. Denali Advisors LLC now owns 16,100 shares of the medical equipment provider’s stock valued at $344,000 after buying an additional 2,700 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in FONAR by 37.6% during the 1st quarter. Empowered Funds LLC now owns 16,492 shares of the medical equipment provider’s stock worth $352,000 after buying an additional 4,507 shares during the last quarter. Hedge funds and other institutional investors own 50.64% of the company’s stock.

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.