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

FONAR Co. (NASDAQ:FONR - Get Free Report) was the recipient of a large decrease in short interest in May. As of May 15th, there was short interest totalling 7,900 shares, a decrease of 16.8% from the April 30th total of 9,500 shares. Based on an average daily trading volume, of 20,900 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.1% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Empowered Funds LLC boosted its position in shares of FONAR by 7.7% during the first quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider's stock valued at $296,000 after buying an additional 1,504 shares during the last quarter. Linden Thomas Advisory Services LLC lifted its holdings in FONAR by 16.5% during the first quarter. Linden Thomas Advisory Services LLC now owns 34,054 shares of the medical equipment provider's stock worth $477,000 after acquiring an additional 4,818 shares during the period. Money Concepts Capital Corp lifted its holdings in FONAR by 1.2% during the first quarter. Money Concepts Capital Corp now owns 406,296 shares of the medical equipment provider's stock worth $5,692,000 after acquiring an additional 4,719 shares during the period. Bridgeway Capital Management LLC lifted its holdings in FONAR by 1.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 80,035 shares of the medical equipment provider's stock worth $1,212,000 after acquiring an additional 945 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in FONAR by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 376,678 shares of the medical equipment provider's stock worth $5,703,000 after acquiring an additional 2,149 shares during the period. Hedge funds and other institutional investors own 50.64% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised FONAR from a "buy" rating to a "strong-buy" rating in a report on Monday, May 19th.

FONAR Stock Down 1.0%

FONAR stock traded down $0.14 during trading hours on Thursday, hitting $14.31. The stock had a trading volume of 7,563 shares, compared to its average volume of 18,934. The stock has a market cap of $88.76 million, a price-to-earnings ratio of 12.44 and a beta of 1.00. FONAR has a one year low of $12.00 and a one year high of $18.68. The business's 50 day simple moving average is $12.97 and its 200-day simple moving average is $14.42.

FONAR (NASDAQ:FONR - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The medical equipment provider reported $0.37 earnings per share (EPS) for the quarter. FONAR had a return on equity of 4.94% and a net margin of 7.68%.

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.