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

FONAR Co. (NASDAQ:FONR) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 12,900 shares, a decline of 5.8% from the August 15th total of 13,700 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average daily volume of 12,200 shares, the days-to-cover ratio is presently 1.1 days.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of FONAR from a “strong-buy” rating to a “buy” rating in a research note on Tuesday.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Linden Thomas Advisory Services LLC raised 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 buying an additional 1,900 shares in the last quarter. Denali Advisors LLC increased 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 acquiring an additional 2,700 shares during the period. Empowered Funds LLC raised its position in FONAR by 37.6% in the first quarter. Empowered Funds LLC now owns 16,492 shares of the medical equipment provider’s stock worth $352,000 after purchasing an additional 4,507 shares in the last quarter. Hillsdale Investment Management Inc. lifted its stake in FONAR by 7.8% during the first quarter. Hillsdale Investment Management Inc. now owns 66,200 shares of the medical equipment provider’s stock worth $1,414,000 after purchasing an additional 4,800 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its holdings in FONAR by 1.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 609,789 shares of the medical equipment provider’s stock valued at $9,757,000 after purchasing an additional 7,645 shares in the last quarter. 50.64% of the stock is owned by institutional investors.

FONAR Trading Down 0.9 %

Shares of NASDAQ:FONR opened at $17.40 on Thursday. The firm has a market capitalization of $110.11 million, a PE ratio of 11.15 and a beta of 1.19. FONAR has a 1-year low of $12.13 and a 1-year high of $24.05. The business’s 50 day moving average is $17.24 and its 200-day moving average is $17.47.

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.