FONAR Co. (NASDAQ:FONR) Short Interest Up 6.2% in December

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

Wall Street Analyst Weigh In

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

FONAR Price Performance

Shares of FONR stock traded down $0.06 during mid-day trading on Monday, hitting $15.22. The company had a trading volume of 17,352 shares, compared to its average volume of 9,350. The stock’s 50 day moving average price is $15.48 and its 200-day moving average price is $16.23. FONAR has a 52-week low of $14.05 and a 52-week high of $24.05. The company has a market capitalization of $96.34 million, a P/E ratio of 10.87 and a beta of 1.22.

Institutional Investors Weigh In On FONAR

A number of hedge funds have recently made changes to their positions in FONR. JPMorgan Chase & Co. raised its stake in FONAR by 148.3% during the third quarter. JPMorgan Chase & Co. now owns 3,012 shares of the medical equipment provider’s stock valued at $49,000 after purchasing an additional 1,799 shares in the last quarter. Lakewood Asset Management LLC purchased a new stake in shares of FONAR during the 3rd quarter valued at about $173,000. Empowered Funds LLC lifted its holdings in shares of FONAR by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 18,690 shares of the medical equipment provider’s stock valued at $303,000 after acquiring an additional 938 shares during the last quarter. Corsair Capital Management L.P. grew 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 acquiring an additional 2,266 shares in the last quarter. Finally, Inspire Advisors LLC increased its stake in FONAR by 21.2% during the third quarter. Inspire Advisors LLC now owns 34,342 shares of the medical equipment provider’s stock worth $556,000 after acquiring an additional 5,998 shares during the last quarter. 50.64% of the stock is currently owned by hedge funds and other institutional investors.

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.