Fonar Corporation (NASDAQ:FONR) Sees Significant Growth in Short Interest

Fonar Corporation (NASDAQ:FONR) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totaling 25,874 shares, an increase of 188.1% from the December 15th total of 8,981 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily trading volume, of 147,672 shares, the short-interest ratio is currently 0.2 days. Based on an average daily trading volume, of 147,672 shares, the short-interest ratio is currently 0.2 days. Currently, 0.4% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fonar in a report on Tuesday, October 14th. Wall Street Zen raised Fonar to a “hold” rating in a research report on Friday, November 28th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Fonar presently has an average rating of “Hold”.

Fonar Price Performance

FONR opened at $18.60 on Wednesday. The firm has a fifty day moving average price of $15.43 and a 200 day moving average price of $15.52. Fonar has a 1 year low of $12.00 and a 1 year high of $18.86. The stock has a market cap of $115.38 million, a P/E ratio of 16.76 and a beta of 0.99.

Fonar (NASDAQ:FONR) last released its quarterly earnings results on Monday, November 10th. The medical equipment provider reported $0.34 EPS for the quarter. The company 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%.

Institutional Trading of Fonar

Large investors have recently added to or reduced their stakes in the stock. Ritholtz Wealth Management purchased a new position in shares of Fonar during the 2nd quarter worth $157,000. Lakewood Asset Management LLC increased its position in Fonar by 51.2% during the third quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider’s stock worth $249,000 after purchasing an additional 5,607 shares during the last quarter. Inspire Advisors LLC purchased a new position in Fonar during the third quarter worth about $216,000. Money Concepts Capital Corp boosted its holdings in Fonar by 4.5% in the 3rd quarter. Money Concepts Capital Corp now owns 483,522 shares of the medical equipment provider’s stock valued at $7,282,000 after purchasing an additional 20,762 shares during the last quarter. Finally, CIBC Private Wealth Group LLC acquired a new position in Fonar in the 3rd quarter valued at about $90,000. 50.64% of the stock is currently owned by hedge funds and other institutional investors.

Fonar Company Profile

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.