FONAR Co. (NASDAQ:FONR) Sees Large Increase in Short Interest

FONAR Co. (NASDAQ:FONR) saw a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 21,200 shares, an increase of 30.9% from the September 30th total of 16,200 shares. Based on an average trading volume of 13,400 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.3% of the company’s shares are short sold.

Institutional Investors Weigh In On FONAR

Several large investors have recently made changes to their positions in the stock. Inspire Advisors LLC increased its holdings in FONAR by 21.2% during the 3rd quarter. Inspire Advisors LLC now owns 34,342 shares of the medical equipment provider’s stock worth $556,000 after purchasing an additional 5,998 shares in the last quarter. Lakewood Asset Management LLC acquired a new position in shares of FONAR during the third quarter worth about $173,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of FONAR by 1.3% during the second 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 in the last quarter. Renaissance Technologies LLC raised its position in FONAR by 11.5% in the 2nd quarter. Renaissance Technologies LLC now owns 344,216 shares of the medical equipment provider’s stock valued at $5,507,000 after buying an additional 35,375 shares during the last quarter. Finally, Acuitas Investments LLC boosted its position in FONAR by 142.1% during the 2nd quarter. Acuitas Investments LLC now owns 113,400 shares of the medical equipment provider’s stock worth $1,814,000 after acquiring an additional 66,563 shares during the last quarter. Institutional investors own 50.64% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of FONAR from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 30th.

FONAR Stock Down 0.6 %

FONR opened at $15.30 on Wednesday. The company has a fifty day simple moving average of $16.48 and a 200 day simple moving average of $16.42. The stock has a market cap of $96.82 million, a P/E ratio of 9.79 and a beta of 1.19. FONAR has a 12 month low of $12.99 and a 12 month high of $24.05.

FONAR (NASDAQ:FONR) last released its quarterly earnings results on Friday, September 27th. The medical equipment provider reported $0.13 EPS for the quarter. FONAR had a return on equity of 6.77% and a net margin of 10.27%. The company had revenue of $25.94 million for the quarter.

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.