Fonar Co. (NASDAQ:FONR) Sees Large Increase in Short Interest

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Fonar Co. (NASDAQ:FONR) was the recipient of a large growth in short interest during the month of May. As of May 29th, there was short interest totalling 78,300 shares, a growth of 77.1% from the May 14th total of 44,200 shares. Approximately 1.3% of the company’s shares are sold short. Based on an average trading volume of 40,200 shares, the days-to-cover ratio is currently 1.9 days.

FONR stock traded down $1.65 during trading on Thursday, hitting $23.24. The company had a trading volume of 751 shares, compared to its average volume of 35,617. The firm has a market capitalization of $162.48 million, a P/E ratio of 14.22 and a beta of 1.10. Fonar has a 52-week low of $11.00 and a 52-week high of $25.50. The company has a 50 day simple moving average of $21.01 and a 200-day simple moving average of $19.18. The company has a quick ratio of 6.02, a current ratio of 6.14 and a debt-to-equity ratio of 0.22.

Fonar (NASDAQ:FONR) last posted its quarterly earnings results on Monday, May 11th. The medical equipment provider reported $0.18 EPS for the quarter. The company had revenue of $21.69 million for the quarter. Fonar had a net margin of 13.16% and a return on equity of 9.35%.

Separately, ValuEngine lowered shares of Fonar from a “buy” rating to a “hold” rating in a report on Friday, May 22nd.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Atlas Private Wealth Management purchased a new position in Fonar during the 4th quarter valued at about $30,000. Citigroup Inc. increased its position in Fonar by 182,300.0% during the 1st quarter. Citigroup Inc. now owns 1,824 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 1,823 shares during the period. Credit Suisse AG purchased a new position in Fonar during the 4th quarter valued at about $248,000. LVW Advisors LLC purchased a new position in Fonar during the 4th quarter valued at about $266,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Fonar by 6.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,400 shares of the medical equipment provider’s stock worth $303,000 after buying an additional 908 shares during the last quarter. 50.62% of the stock is currently owned by institutional investors and hedge funds.

About Fonar

FONAR Corporation, together with its subsidiaries, operates as a magnetic resonance imaging (MRI) company primarily in the Unites States. It is involved in the research, development, production, and marketing of medical scanning equipment, which uses principles of MRI for the detection and diagnosis of human diseases, abnormalities, other medical conditions, and injuries.

Further Reading: Neutral Rating

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