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

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

FONAR Price Performance

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

Institutional Investors Weigh In On FONAR

A number of institutional investors and hedge funds have recently modified their holdings of the company. Acuitas Investments LLC boosted its holdings in FONAR by 142.1% in the second quarter. Acuitas Investments LLC now owns 113,400 shares of the medical equipment provider’s stock valued at $1,814,000 after purchasing an additional 66,563 shares during the last quarter. Renaissance Technologies LLC boosted its stake 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 worth $5,507,000 after buying an additional 35,375 shares during the last quarter. Inspire Advisors LLC grew its holdings in FONAR by 177.3% during the second quarter. Inspire Advisors LLC now owns 28,344 shares of the medical equipment provider’s stock worth $454,000 after acquiring an additional 18,124 shares during the period. O Shaughnessy Asset Management LLC raised its position in FONAR by 38.9% during 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 acquiring an additional 9,237 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its holdings in FONAR by 1.3% in the second 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. 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.