Short Interest in FONAR Co. (NASDAQ:FONR) Drops By 11.6%

FONAR Co. (NASDAQ:FONR) was the recipient of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 8,400 shares, a decrease 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 presently 0.4 days. Currently, 0.1% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

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 Price Performance

FONAR stock traded up $0.02 during midday trading on Tuesday, hitting $16.09. 24,639 shares of the company were exchanged, compared to its average volume of 18,439. FONAR has a fifty-two week low of $14.05 and a fifty-two week high of $24.05. The company’s fifty day moving average price is $15.75 and its 200-day moving average price is $16.25. The company has a market cap of $101.85 million, a PE ratio of 11.49 and a beta of 1.21.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FONR. Empowered Funds LLC raised its stake in 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 acquiring an additional 938 shares during the period. Linden Thomas Advisory Services LLC raised its position in shares of FONAR by 9.6% during the 2nd 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. Corsair Capital Management L.P. lifted its holdings in shares of FONAR by 8.8% in the 3rd quarter. Corsair Capital Management L.P. now owns 27,972 shares of the medical equipment provider’s stock worth $453,000 after purchasing an additional 2,266 shares during the last quarter. Inspire Advisors LLC boosted its position in FONAR by 21.2% during 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. Finally, Kayne Anderson Rudnick Investment Management LLC grew its stake in 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 buying an additional 7,645 shares during the last quarter. 50.64% of the stock is currently owned by institutional investors.

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.