Short Interest in FONAR Co. (NASDAQ:FONR) Drops By 5.8%

FONAR Co. (NASDAQ:FONR) was the target of a large decline in short interest during 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 short sold. Based on an average daily volume of 12,200 shares, the short-interest ratio is currently 1.1 days.

FONAR Price Performance

FONR stock opened at $17.55 on Wednesday. The company has a market cap of $111.06 million, a price-to-earnings ratio of 11.25 and a beta of 1.19. The company has a fifty day moving average price of $17.22 and a 200 day moving average price of $17.47. FONAR has a 12 month low of $12.13 and a 12 month high of $24.05.

Institutional Investors Weigh In On FONAR

A number of institutional investors and hedge funds have recently made changes to their positions in FONR. Hillsdale Investment Management Inc. purchased a new position in shares of FONAR during the fourth quarter worth about $1,201,000. Denali Advisors LLC increased its holdings in shares of 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 purchasing an additional 2,700 shares during the period. Empowered Funds LLC raised its stake in shares of FONAR by 37.6% during 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 during the last quarter. Inspire Advisors LLC acquired a new stake in shares of FONAR during the first quarter worth $218,000. Finally, O Shaughnessy Asset Management LLC grew its position 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 buying an additional 9,237 shares during the last quarter. 50.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.