NEW YORK (

TheStreet

) -- Shares of

Fonar Corporation

(Nasdaq:

FONR

) were gapping up Wednesday morning with an open price 10.3% higher than Tuesday's closing price. The stock closed at $4.26 Tuesday and opened today's trading at $4.70.

The average volume for Fonar has been 389,700 shares per day over the past 30 days. Fonar has a market cap of $25.7 million and is part of the

health care

sector and

health services

industry. Shares are up 150% year to date as of the close of trading on Tuesday.

FONAR Corporation engages in the research, development, production, marketing, and service of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases. The company has a P/E ratio of six, equal to the average health services industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Fonar as a

hold

. The company's strengths can be seen in multiple areas, such as its notable return on equity, revenue growth and increase in net income. However, as a counter to these strengths, we find that the company has not been very careful in the management of its balance sheet. You can view the full

Fonar Ratings Report

.

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