Fonar Corporation (NASDAQ:FONR) Short Interest Update

Fonar Corporation (NASDAQ:FONR) saw a significant increase in short interest in April. As of April 30th, there was short interest totaling 79,190 shares, an increase of 90.7% from the April 15th total of 41,536 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average daily volume of 58,606 shares, the days-to-cover ratio is presently 1.4 days.

Fonar Price Performance

NASDAQ:FONR traded up $0.02 during trading hours on Monday, hitting $18.88. The stock had a trading volume of 17,019 shares, compared to its average volume of 64,894. Fonar has a one year low of $13.00 and a one year high of $18.95. The company has a 50 day simple moving average of $18.66 and a two-hundred day simple moving average of $17.36. The firm has a market capitalization of $116.46 million, a price-to-earnings ratio of 18.88 and a beta of 0.96.

Fonar (NASDAQ:FONR) last announced its earnings results on Monday, May 11th. The medical equipment provider reported $0.24 earnings per share (EPS) for the quarter. The company had revenue of $26.47 million during the quarter. Fonar had a net margin of 6.35% and a return on equity of 4.12%.

Hedge Funds Weigh In On Fonar

A number of institutional investors have recently added to or reduced their stakes in FONR. CIBC Private Wealth Group LLC bought a new position in Fonar in the third quarter worth $90,000. PenderFund Capital Management Ltd. bought a new position in Fonar in the fourth quarter worth $150,000. Inspire Advisors LLC bought a new position in Fonar in the third quarter worth $216,000. Ritholtz Wealth Management raised its holdings in Fonar by 66.4% in 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 in the last quarter. Finally, Empowered Funds LLC raised its holdings in Fonar by 7.7% in the first quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after purchasing an additional 1,504 shares in the last quarter. Institutional investors own 50.64% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Fonar in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold”.

About Fonar

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.