FONAR Co. (NASDAQ:FONR) Sees Significant Decrease in Short Interest

FONAR Co. (NASDAQ:FONR) was the target of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 8,400 shares, a drop of 11.6% from the October 31st total of 9,500 shares. Based on an average daily volume of 19,000 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.1% of the company’s shares are short sold.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Lakewood Asset Management LLC purchased a new position in shares of FONAR in the 3rd quarter valued at $173,000. Empowered Funds LLC lifted its stake 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 in the last quarter. 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 buying an additional 1,900 shares during the period. Corsair Capital Management L.P. grew its stake in shares of FONAR by 8.8% in the third quarter. Corsair Capital Management L.P. now owns 27,972 shares of the medical equipment provider’s stock valued at $453,000 after buying an additional 2,266 shares in the last quarter. Finally, Inspire Advisors LLC raised its holdings in shares of FONAR by 177.3% during the 2nd quarter. Inspire Advisors LLC now owns 28,344 shares of the medical equipment provider’s stock valued at $454,000 after buying an additional 18,124 shares during the period. Hedge funds and other institutional investors own 50.64% of the company’s stock.

FONAR Stock Performance

FONAR stock traded up $0.02 during trading on Tuesday, reaching $16.09. The company had a trading volume of 24,639 shares, compared to its average volume of 18,439. The firm has a market capitalization of $101.85 million, a price-to-earnings ratio of 11.49 and a beta of 1.21. FONAR has a 12-month low of $14.05 and a 12-month high of $24.05. The stock’s 50 day moving average price is $15.75 and its two-hundred day moving average price is $16.25.

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 return on equity of 6.10% and a net margin of 9.41%. The business had revenue of $25.94 million for the quarter.

Analysts Set New Price Targets

Separately, StockNews.com downgraded 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.