FONAR Co. (NASDAQ:FONR) Sees Significant Increase in Short Interest

FONAR Co. (NASDAQ:FONR) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 21,200 shares, a growth of 30.9% from the September 30th total of 16,200 shares. Approximately 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.

Analysts Set New Price Targets

Separately, StockNews.com raised FONAR from a “buy” rating to a “strong-buy” rating in a report on Monday, September 30th.

FONAR Stock Down 0.6 %

FONAR stock opened at $15.30 on Wednesday. FONAR has a 12-month low of $12.99 and a 12-month high of $24.05. The stock has a 50-day simple moving average of $16.48 and a 200 day simple moving average of $16.42. The stock has a market capitalization of $96.82 million, a price-to-earnings ratio of 9.79 and a beta of 1.19.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Renaissance Technologies LLC raised its position in shares of FONAR by 11.5% during the second quarter. Renaissance Technologies LLC now owns 344,216 shares of the medical equipment provider’s stock worth $5,507,000 after acquiring an additional 35,375 shares during the last quarter. Acuitas Investments LLC raised its holdings in FONAR by 142.1% during the 2nd quarter. Acuitas Investments LLC now owns 113,400 shares of the medical equipment provider’s stock worth $1,814,000 after purchasing an additional 66,563 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in FONAR by 38.9% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 32,978 shares of the medical equipment provider’s stock worth $704,000 after purchasing an additional 9,237 shares during the last quarter. Denali Advisors LLC boosted its stake in shares of FONAR by 20.1% in the 1st 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. Finally, Inspire Advisors LLC boosted its stake in shares of FONAR by 21.2% in the 3rd quarter. Inspire Advisors LLC now owns 34,342 shares of the medical equipment provider’s stock valued at $556,000 after purchasing an additional 5,998 shares during the last quarter. Institutional investors and hedge funds own 50.64% of the company’s stock.

About FONAR

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.