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

FONAR Co. (NASDAQ:FONR) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 13,900 shares, a growth of 7.8% from the August 31st total of 12,900 shares. Currently, 0.2% of the company’s stock are sold short. Based on an average trading volume of 11,700 shares, the days-to-cover ratio is presently 1.2 days.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On FONAR

Several institutional investors have recently added to or reduced their stakes in the stock. Denali Advisors LLC lifted its stake in FONAR by 20.1% in the first quarter. Denali Advisors LLC now owns 16,100 shares of the medical equipment provider’s stock valued at $344,000 after purchasing an additional 2,700 shares during the last quarter. Empowered Funds LLC raised its stake in shares of FONAR by 37.6% in the first quarter. Empowered Funds LLC now owns 16,492 shares of the medical equipment provider’s stock valued at $352,000 after buying an additional 4,507 shares during the period. Inspire Advisors LLC bought a new stake in shares of FONAR in the first quarter valued at $218,000. Hillsdale Investment Management Inc. lifted its position in shares of FONAR by 7.8% during the 1st quarter. Hillsdale Investment Management Inc. now owns 66,200 shares of the medical equipment provider’s stock valued at $1,414,000 after buying an additional 4,800 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in FONAR by 38.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 32,978 shares of the medical equipment provider’s stock worth $704,000 after acquiring an additional 9,237 shares during the last quarter. Institutional investors own 50.64% of the company’s stock.

FONAR Trading Down 2.1 %

Shares of FONR opened at $15.85 on Wednesday. The stock has a 50 day moving average of $17.23 and a 200 day moving average of $17.13. The company has a market capitalization of $100.30 million, a price-to-earnings ratio of 10.16 and a beta of 1.19. FONAR has a 12 month low of $12.13 and a 12 month high of $24.05.

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.