Corsair Capital Management L.P. Increases Stake in FONAR Co. (NASDAQ:FONR)

Corsair Capital Management L.P. raised its holdings in shares of FONAR Co. (NASDAQ:FONR) by 8.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,972 shares of the medical equipment provider’s stock after buying an additional 2,266 shares during the period. Corsair Capital Management L.P. owned about 0.44% of FONAR worth $453,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FONR. 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 worth $5,507,000 after purchasing an additional 35,375 shares during the period. Acuitas Investments LLC boosted its position in shares of FONAR by 142.1% in the second 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 period. Inspire Advisors LLC boosted its position in shares of FONAR by 21.2% in the third quarter. Inspire Advisors LLC now owns 34,342 shares of the medical equipment provider’s stock worth $556,000 after purchasing an additional 5,998 shares during the period. Linden Thomas Advisory Services LLC boosted its position in shares of FONAR by 9.6% in the second quarter. Linden Thomas Advisory Services LLC now owns 21,605 shares of the medical equipment provider’s stock worth $346,000 after purchasing an additional 1,900 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of 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 worth $9,757,000 after purchasing an additional 7,645 shares during the period. 50.64% of the stock is owned by hedge funds and other institutional investors.

FONAR Stock Performance

Shares of NASDAQ:FONR opened at $16.45 on Wednesday. The firm has a fifty day moving average price of $15.84 and a 200 day moving average price of $16.24. FONAR Co. has a fifty-two week low of $14.05 and a fifty-two week high of $24.05. The firm has a market cap of $104.13 million, a price-to-earnings ratio of 11.75 and a beta of 1.19.

FONAR (NASDAQ:FONR) last issued its earnings results on Friday, September 27th. The medical equipment provider reported $0.13 earnings per share for the quarter. FONAR had a net margin of 9.41% and a return on equity of 6.10%. The firm had revenue of $25.94 million during the quarter.

Analyst Ratings Changes

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

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.