Short Interest in Fonar Corporation (NASDAQ:FONR) Grows By 90.7%

Fonar Corporation (NASDAQ:FONR) saw a significant increase in short interest in April. As of April 30th, there was short interest totaling 79,190 shares, an increase of 90.7% from the April 15th total of 41,536 shares. Based on an average daily trading volume, of 58,606 shares, the short-interest ratio is currently 1.4 days. Approximately 1.4% of the company’s stock are sold short.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Fonar in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Fonar has an average rating of “Hold”.

Institutional Investors Weigh In On Fonar

Hedge funds have recently made changes to their positions in the business. Money Concepts Capital Corp boosted its stake in shares of Fonar by 5.6% during the fourth quarter. Money Concepts Capital Corp now owns 510,672 shares of the medical equipment provider’s stock worth $9,478,000 after buying an additional 27,150 shares during the period. Lakewood Asset Management LLC boosted its stake 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 worth $354,000 after buying an additional 2,493 shares during the period. Ritholtz Wealth Management boosted its stake in shares of Fonar by 66.4% during the third quarter. Ritholtz Wealth Management now owns 17,417 shares of the medical equipment provider’s stock worth $262,000 after buying an additional 6,948 shares during the period. Empowered Funds LLC boosted its stake in shares of Fonar by 9.3% during the fourth quarter. Empowered Funds LLC now owns 27,765 shares of the medical equipment provider’s stock worth $515,000 after buying an additional 2,373 shares during the period. Finally, PenderFund Capital Management Ltd. acquired a new stake in shares of Fonar during the fourth quarter worth about $150,000. Institutional investors and hedge funds own 50.64% of the company’s stock.

Fonar Price Performance

Shares of FONR stock remained flat at $18.86 during mid-day trading on Friday. The company’s stock had a trading volume of 32,055 shares, compared to its average volume of 48,982. The firm’s 50-day moving average price is $18.66 and its two-hundred day moving average price is $17.35. The company has a market capitalization of $116.37 million, a PE ratio of 18.86 and a beta of 0.96. Fonar has a 12 month low of $12.90 and a 12 month high of $18.95.

Fonar (NASDAQ:FONR) last announced its earnings results on Monday, May 11th. The medical equipment provider reported $0.24 earnings per share for the quarter. Fonar had a net margin of 6.35% and a return on equity of 4.12%. The business had revenue of $26.47 million during the quarter.

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.