Fonar Corporation (NASDAQ:FONR) Short Interest Update

Fonar Corporation (NASDAQ:FONR) was the target of a large drop in short interest in the month of January. As of January 15th, there was short interest totaling 7,246 shares, a drop of 72.0% from the December 31st total of 25,874 shares. Based on an average daily volume of 131,573 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.1% of the shares of the stock are sold short. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily volume of 131,573 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Investors Weigh In On Fonar

Hedge funds and other institutional investors have recently modified their holdings of the stock. Money Concepts Capital Corp lifted its holdings in Fonar by 4.5% in the third quarter. Money Concepts Capital Corp now owns 483,522 shares of the medical equipment provider’s stock worth $7,282,000 after buying an additional 20,762 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Fonar by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 376,976 shares of the medical equipment provider’s stock valued at $5,677,000 after purchasing an additional 4,413 shares during the period. Bridgeway Capital Management LLC grew its stake in Fonar by 2.3% in the second quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock worth $1,247,000 after purchasing an additional 1,843 shares during the period. Empowered Funds LLC increased its stake in shares of Fonar by 7.7% in the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after acquiring an additional 1,504 shares in the last quarter. Finally, Lakewood Asset Management LLC lifted its holdings in shares of Fonar by 15.1% during the fourth quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock valued at $354,000 after purchasing an additional 2,493 shares during the last quarter. Institutional investors own 50.64% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Fonar to a “hold” rating in a report on Friday, November 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Fonar in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, Fonar currently has an average rating of “Hold”.

Fonar Stock Down 0.1%

Shares of Fonar stock traded down $0.03 during trading on Thursday, hitting $18.64. 32,227 shares of the stock traded hands, compared to its average volume of 100,767. The stock has a market cap of $115.54 million, a price-to-earnings ratio of 16.79 and a beta of 0.99. Fonar has a 52 week low of $12.00 and a 52 week high of $18.86. The firm’s fifty day moving average is $16.30 and its 200-day moving average is $15.76.

Fonar (NASDAQ:FONR) last issued its quarterly earnings results on Monday, November 10th. The medical equipment provider reported $0.34 EPS for the quarter. The business had revenue of $26.04 million for the quarter. Fonar had a net margin of 7.08% and a return on equity of 4.66%.

About Fonar

Fonar Corporation is a medical technology company primarily engaged in the design, manufacture and sale of magnetic resonance imaging (MRI) systems. The company’s flagship product, the UPRIGHT® Multi-Position™ MRI, enables patients to be scanned in standing, seated and traditional recumbent positions, offering enhanced diagnostic capabilities for musculoskeletal, neurological and vascular conditions. In addition to MRI equipment sales, Fonar provides equipment installation, training and maintenance services to hospitals, imaging centers and private practices.

Headquartered in Melville, New York, Fonar markets its MRI systems both domestically and internationally, supported by a network of service engineers and customer support personnel.