Fonar Corporation (NASDAQ:FONR) Short Interest Up 61.3% in January

Fonar Corporation (NASDAQ:FONR) saw a significant increase in short interest in the month of January. As of January 30th, there was short interest totaling 11,690 shares, an increase of 61.3% from the January 15th total of 7,246 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average daily volume of 61,260 shares, the short-interest ratio is presently 0.2 days. Based on an average daily volume of 61,260 shares, the short-interest ratio is presently 0.2 days. Approximately 0.2% of the company’s shares are sold short.

Fonar Stock Up 0.1%

FONR traded up $0.01 during midday trading on Friday, hitting $18.55. 79,644 shares of the company were exchanged, compared to its average volume of 71,066. The firm’s 50 day moving average price is $17.34 and its 200-day moving average price is $15.97. Fonar has a 1-year low of $12.00 and a 1-year high of $18.86. The firm has a market capitalization of $115.01 million, a P/E ratio of 16.42 and a beta of 1.00.

Fonar (NASDAQ:FONR) last posted its quarterly earnings data on Friday, February 13th. The medical equipment provider reported $0.31 EPS for the quarter. The company had revenue of $25.55 million for the quarter. Fonar had a net margin of 7.13% and a return on equity of 4.70%.

Hedge Funds Weigh In On Fonar

A number of institutional investors and hedge funds have recently made changes to their positions in FONR. CIBC Private Wealth Group LLC bought a new stake in Fonar in the 3rd quarter valued at about $90,000. Ritholtz Wealth Management acquired a new stake in Fonar in the 2nd quarter valued at $157,000. Inspire Advisors LLC acquired a new position in Fonar during the third quarter worth $216,000. Lakewood Asset Management LLC raised its holdings 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 buying an additional 5,607 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Fonar by 7.7% in the first quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 1,504 shares in the last quarter. Institutional investors own 50.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Fonar to a “hold” rating in a research note on Friday, November 28th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Fonar currently has an average rating of “Hold”.

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.