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

FONAR Co. (NASDAQ:FONR - Get Free Report) saw a significant increase in short interest in 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. Currently, 0.3% of the shares of the stock are short sold. Based on an average trading volume of 13,400 shares, the days-to-cover ratio is presently 1.6 days.

Analyst Ratings Changes

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

Hedge Funds Weigh In On FONAR

Hedge funds have recently bought and sold shares of the company. Lakewood Asset Management LLC acquired a new position in shares of FONAR during the third quarter valued at $173,000. Inspire Advisors LLC acquired a new position in FONAR in the first quarter worth about $218,000. Denali Advisors LLC boosted its holdings in FONAR by 20.1% during 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 in the last quarter. Linden Thomas Advisory Services LLC grew its stake in shares of FONAR by 9.6% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 21,605 shares of the medical equipment provider's stock valued at $346,000 after purchasing an additional 1,900 shares during the period. Finally, Empowered Funds LLC raised its holdings in shares of FONAR by 37.6% in the 1st quarter. Empowered Funds LLC now owns 16,492 shares of the medical equipment provider's stock worth $352,000 after buying an additional 4,507 shares in the last quarter. 50.64% of the stock is currently owned by institutional investors and hedge funds.

FONAR Trading Up 1.1 %

NASDAQ:FONR traded up $0.17 on Monday, hitting $15.39. 9,218 shares of the stock were exchanged, compared to its average volume of 17,825. The stock has a market cap of $97.39 million, a PE ratio of 9.87 and a beta of 1.19. FONAR has a fifty-two week low of $12.99 and a fifty-two week high of $24.05. The stock has a fifty day moving average of $16.51 and a 200-day moving average of $16.44.

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

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.