Short Interest in FONAR Co. (NASDAQ:FONR) Drops By 16.8%

FONAR Co. (NASDAQ:FONR - Get Free Report) was the recipient of a large decline in short interest in May. As of May 15th, there was short interest totalling 7,900 shares, a decline 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 company's stock are short sold.

Hedge Funds Weigh In On FONAR

A number of institutional investors have recently added to or reduced their stakes in FONR. JPMorgan Chase & Co. grew its position in shares of FONAR by 148.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,012 shares of the medical equipment provider's stock valued at $49,000 after acquiring an additional 1,799 shares during the period. Empowered Funds LLC lifted its stake in FONAR by 7.7% in the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider's stock valued at $296,000 after purchasing an additional 1,504 shares during the last quarter. Linden Thomas Advisory Services LLC lifted its stake in FONAR by 16.5% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 34,054 shares of the medical equipment provider's stock valued at $477,000 after purchasing an additional 4,818 shares during the last quarter. Bridgeway Capital Management LLC grew 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 purchasing an additional 945 shares during the period. Finally, Truffle Hound Capital LLC acquired a new position in FONAR during the fourth quarter worth approximately $1,363,000. 50.64% of the stock is currently owned by institutional investors and hedge funds.

FONAR Stock Performance

FONR traded down $0.02 on Friday, hitting $14.48. 10,046 shares of the company were exchanged, compared to its average volume of 16,896. The stock's fifty day moving average is $13.00 and its 200-day moving average is $14.42. FONAR has a 12 month low of $12.00 and a 12 month high of $18.68. The company has a market cap of $89.82 million, a PE ratio of 12.59 and a beta of 0.99.

FONAR (NASDAQ:FONR - Get Free Report) last announced 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%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of FONAR from a "buy" rating to a "strong-buy" rating in a research note on Monday, May 19th.

About FONAR

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.