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 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. Based on an average daily trading volume, of 11,700 shares, the days-to-cover ratio is presently 1.2 days. Approximately 0.2% of the company’s shares are short sold.

Hedge Funds Weigh In On FONAR

Large investors have recently modified their holdings of the stock. Inspire Advisors LLC bought a new stake in shares of FONAR during the first quarter worth approximately $218,000. Denali Advisors LLC raised its holdings in 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 acquiring an additional 2,700 shares in the last quarter. Linden Thomas Advisory Services LLC raised its holdings in 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 acquiring an additional 1,900 shares in the last quarter. Empowered Funds LLC raised its holdings in FONAR by 37.6% in the 1st quarter. Empowered Funds LLC now owns 16,492 shares of the medical equipment provider’s stock valued at $352,000 after acquiring an additional 4,507 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised 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 valued at $704,000 after acquiring an additional 9,237 shares in the last quarter. 50.64% of the stock is owned by institutional investors.

FONAR Stock Down 1.8 %

Shares of FONR stock traded down $0.29 during trading on Tuesday, reaching $15.90. 12,937 shares of the company’s stock were exchanged, compared to its average volume of 17,916. The firm’s fifty day moving average price is $17.23 and its 200-day moving average price is $17.13. FONAR has a twelve month low of $12.13 and a twelve month high of $24.05. The stock has a market capitalization of $100.62 million, a PE ratio of 10.38 and a beta of 1.19.

Analyst Upgrades and Downgrades

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

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.