ValuEngine lowered shares of Fonar (NASDAQ:FONR) from a buy rating to a hold rating in a report issued on Saturday.
Shares of Fonar opened at $26.65 on Friday, MarketBeat Ratings reports. Fonar has a 12-month low of $25.80 and a 12-month high of $26.70. The company has a market capitalization of $163.95 million, a price-to-earnings ratio of 9.95 and a beta of 2.08.
Fonar (NASDAQ:FONR) last announced its quarterly earnings results on Monday, February 12th. The medical equipment provider reported $0.70 earnings per share (EPS) for the quarter. Fonar had a return on equity of 19.90% and a net margin of 20.38%. The company had revenue of $20.17 million during the quarter.
Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in Fonar in the 4th quarter valued at $101,000. Citigroup Inc. raised its stake in Fonar by 164.5% in the 1st quarter. Citigroup Inc. now owns 7,523 shares of the medical equipment provider’s stock valued at $224,000 after purchasing an additional 4,679 shares during the last quarter. Wells Fargo & Company MN raised its stake in Fonar by 215.2% in the 4th quarter. Wells Fargo & Company MN now owns 8,489 shares of the medical equipment provider’s stock valued at $206,000 after purchasing an additional 5,796 shares during the last quarter. Algert Global LLC acquired a new position in Fonar in the 1st quarter valued at $332,000. Finally, Mackay Shields LLC acquired a new position in Fonar in the 1st quarter valued at $542,000. 45.66% of the stock is owned by institutional investors and hedge funds.
Fonar Corporation, together with its subsidiaries, engages in the design, manufacture, sale, and servicing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases, abnormalities, and other medical conditions and injuries. It operates in two segments, Medical Equipment, and Physician Management and Diagnostic Services.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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