FONAR Co. (NASDAQ:FONR) Sees Large Growth in Short Interest

FONAR Co. (NASDAQ:FONR) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 17,100 shares, an increase of 6.2% from the December 15th total of 16,100 shares. Currently, 0.3% of the company’s stock are sold short. Based on an average daily volume of 16,600 shares, the days-to-cover ratio is currently 1.0 days.

FONAR Price Performance

NASDAQ:FONR traded down $0.06 during mid-day trading on Friday, reaching $15.22. The stock had a trading volume of 17,352 shares, compared to its average volume of 9,350. The company has a market capitalization of $96.31 million, a price-to-earnings ratio of 10.87 and a beta of 1.22. FONAR has a 1-year low of $14.05 and a 1-year high of $24.05. The stock’s 50 day simple moving average is $15.48 and its two-hundred day simple moving average is $16.23.

Hedge Funds Weigh In On FONAR

A number of hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its stake in FONAR by 11.5% in the second quarter. Renaissance Technologies LLC now owns 344,216 shares of the medical equipment provider’s stock valued at $5,507,000 after acquiring an additional 35,375 shares during the period. Lakewood Asset Management LLC acquired a new position in FONAR during the 3rd quarter valued at approximately $173,000. Kayne Anderson Rudnick Investment Management LLC boosted its position in FONAR by 1.3% during the 2nd 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 during the period. Inspire Advisors LLC grew its stake in FONAR by 21.2% during the 3rd quarter. Inspire Advisors LLC now owns 34,342 shares of the medical equipment provider’s stock worth $556,000 after buying an additional 5,998 shares during the last quarter. Finally, Corsair Capital Management L.P. increased its position in FONAR by 8.8% in the third quarter. Corsair Capital Management L.P. now owns 27,972 shares of the medical equipment provider’s stock worth $453,000 after buying an additional 2,266 shares during the period. Institutional investors and hedge funds own 50.64% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of FONAR from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 16th.

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.