Fonar Corporation (NASDAQ:FONR) Short Interest Update

Fonar Corporation (NASDAQ:FONR) was the target of a large drop in short interest in March. As of March 13th, there was short interest totaling 79,870 shares, a drop of 27.5% from the February 26th total of 110,156 shares. Based on an average daily volume of 64,666 shares, the days-to-cover ratio is currently 1.2 days. Approximately 1.3% of the shares of the stock are sold short.

Fonar Price Performance

Shares of NASDAQ:FONR traded up $0.03 during mid-day trading on Friday, reaching $18.57. 91,573 shares of the company were exchanged, compared to its average volume of 58,473. Fonar has a 1 year low of $12.00 and a 1 year high of $18.86. The firm’s 50-day simple moving average is $18.55 and its 200 day simple moving average is $16.60. The firm has a market cap of $114.58 million, a price-to-earnings ratio of 16.43 and a beta of 0.99.

Fonar (NASDAQ:FONR) last announced its earnings results on Friday, February 13th. The medical equipment provider reported $0.31 earnings per share (EPS) for the quarter. Fonar had a return on equity of 4.69% and a net margin of 7.13%.The company had revenue of $18.25 million for the quarter.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Fonar to a “hold” rating in a research report on Friday, November 28th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold”.

Institutional Investors Weigh In On Fonar

Institutional investors and hedge funds have recently modified their holdings of the company. Empowered Funds LLC boosted its holdings in Fonar by 7.7% during the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock valued at $296,000 after acquiring an additional 1,504 shares during the period. Bridgeway Capital Management LLC grew its position in Fonar by 2.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 1,843 shares in the last quarter. Lakewood Asset Management LLC increased its stake in Fonar by 51.2% during the third quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider’s stock worth $249,000 after purchasing an additional 5,607 shares during the period. Ritholtz Wealth Management increased its stake in Fonar by 66.4% during the third quarter. Ritholtz Wealth Management now owns 17,417 shares of the medical equipment provider’s stock worth $262,000 after purchasing an additional 6,948 shares during the period. Finally, Inspire Advisors LLC acquired a new stake in shares of Fonar during the third quarter worth about $216,000. Hedge funds and other institutional investors own 50.64% of the company’s stock.

Fonar Company Profile

Fonar Corporation is a medical technology company primarily engaged in the design, manufacture and sale of magnetic resonance imaging (MRI) systems. The company’s flagship product, the UPRIGHT® Multi-Position™ MRI, enables patients to be scanned in standing, seated and traditional recumbent positions, offering enhanced diagnostic capabilities for musculoskeletal, neurological and vascular conditions. In addition to MRI equipment sales, Fonar provides equipment installation, training and maintenance services to hospitals, imaging centers and private practices.

Headquartered in Melville, New York, Fonar markets its MRI systems both domestically and internationally, supported by a network of service engineers and customer support personnel.