FONAR (NASDAQ:FONR) Shares Cross Below Two Hundred Day Moving Average – Should You Sell?

FONAR Co. (NASDAQ:FONR) shares passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.26 and traded as low as $15.20. FONAR shares last traded at $15.34, with a volume of 8,004 shares trading hands.

Analysts Set New Price Targets

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

FONAR Stock Up 2.1 %

The company has a market cap of $97.10 million, a P/E ratio of 10.96 and a beta of 1.21. The business has a fifty day moving average price of $15.47 and a 200-day moving average price of $16.26.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its position 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 valued at $5,507,000 after acquiring an additional 35,375 shares during the period. Inspire Advisors LLC boosted its holdings in FONAR by 21.2% in the 3rd quarter. Inspire Advisors LLC now owns 34,342 shares of the medical equipment provider’s stock valued at $556,000 after purchasing an additional 5,998 shares during the period. 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 worth $9,757,000 after purchasing an additional 7,645 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of FONAR by 5.3% during the third quarter. Empowered Funds LLC now owns 18,690 shares of the medical equipment provider’s stock worth $303,000 after purchasing an additional 938 shares during the period. Finally, Lakewood Asset Management LLC acquired a new stake in shares of FONAR in the third quarter valued at approximately $173,000. 50.64% of the stock is owned by institutional investors and hedge funds.

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.