Fonar Corporation (NASDAQ:FONR) Sees Large Drop in Short Interest

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

Hedge Funds Weigh In On Fonar

Large investors have recently bought and sold shares of the business. CIBC Private Wealth Group LLC purchased a new position in Fonar during the third quarter worth approximately $90,000. Ritholtz Wealth Management purchased a new stake in shares of Fonar during the second quarter worth about $157,000. Inspire Advisors LLC acquired a new position in shares of Fonar during the 3rd quarter worth about $216,000. Lakewood Asset Management LLC lifted its stake in Fonar by 51.2% in the 3rd quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider’s stock valued at $249,000 after buying an additional 5,607 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Fonar by 7.7% during the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after buying an additional 1,504 shares in the last quarter. Institutional investors and hedge funds own 50.64% of the company’s stock.

Analyst Ratings Changes

FONR has been the subject of several research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Fonar in a research note on Tuesday, October 14th. Wall Street Zen upgraded Fonar to a “hold” rating in a research note on Friday, November 28th. One analyst has rated the stock with a Hold rating, According to MarketBeat, Fonar currently has an average rating of “Hold”.

Fonar Stock Performance

Shares of NASDAQ FONR remained flat at $18.65 during trading on Wednesday. The company’s stock had a trading volume of 16,866 shares, compared to its average volume of 104,156. The firm has a market cap of $115.63 million, a PE ratio of 16.80 and a beta of 0.99. Fonar has a twelve month low of $12.00 and a twelve month high of $18.86. The company has a 50-day moving average price of $16.22 and a two-hundred day moving average price of $15.74.

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