Fonar Corporation (NASDAQ:FONR) Short Interest Update

Key Points

• Short interest fell 27.5% to 79,870 shares as of March 13, equal to about 1.3% of shares and a short-interest ratio of 1.2 days based on average volume.
• Institutional ownership is high: several funds recently added or increased stakes and institutional investors now own 50.64% of Fonar's shares.
• Market and analyst snapshot: FONR traded near $18.57 (52-week range $12.00–$18.86) with a market cap of ~$114.6M and P/E of 16.4; Wall Street Zen upgraded it to a "Hold" after the company reported $0.31 EPS on $18.25M revenue for the quarter.

Fonar Corporation (NASDAQ:FONR - Get Free Report) was the recipient of a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 79,870 shares, a drop of 27.5% from the February 26th total of 110,156 shares. Based on an average trading volume of 64,666 shares, the short-interest ratio is currently 1.2 days. Approximately 1.3% of the shares of the stock are short sold.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Fonar to a "hold" rating in a research note on Friday, November 28th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold".

Institutional Investors Weigh In On Fonar

Several institutional investors and hedge funds have recently added to or reduced their stakes in FONR. CIBC Private Wealth Group LLC purchased a new stake in shares of Fonar during the third quarter worth $90,000. PenderFund Capital Management Ltd. purchased a new position in shares of Fonar in the fourth quarter worth about $150,000. Inspire Advisors LLC acquired a new position in Fonar during the third quarter worth about $216,000. Lakewood Asset Management LLC boosted its position in Fonar by 51.2% during the third quarter. Lakewood Asset Management LLC now owns 16,564 shares of the medical equipment provider's stock worth $249,000 after acquiring an additional 5,607 shares during the last quarter. Finally, Ritholtz Wealth Management grew its stake in Fonar by 66.4% during the 3rd quarter. Ritholtz Wealth Management now owns 17,417 shares of the medical equipment provider's stock valued at $262,000 after acquiring an additional 6,948 shares in the last quarter. Institutional investors and hedge funds own 50.64% of the company's stock.

Fonar Trading Up 0.2%

NASDAQ:FONR traded up $0.03 during trading hours on Friday, hitting $18.57. 91,573 shares of the stock were exchanged, compared to its average volume of 58,473. The firm's fifty day moving average price is $18.55 and its 200 day moving average price is $16.60. Fonar has a 52-week low of $12.00 and a 52-week high of $18.86. The company has a market cap of $114.58 million, a P/E ratio of 16.43 and a beta of 0.99.

Fonar (NASDAQ:FONR - Get Free Report) last released its earnings results on Friday, February 13th. The medical equipment provider reported $0.31 earnings per share for the quarter. Fonar had a return on equity of 4.69% and a net margin of 7.13%.The business had revenue of $18.25 million for the quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.