FONAR Co. (NASDAQ:FONR) Sees Large Decline in Short Interest

FONAR Co. (NASDAQ:FONR) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 12,900 shares, a decline of 5.8% from the August 15th total of 13,700 shares. Based on an average daily trading volume, of 12,200 shares, the short-interest ratio is presently 1.1 days. Approximately 0.2% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded FONAR from a “strong-buy” rating to a “buy” rating in a research note on Tuesday.

Institutional Trading of FONAR

Several large investors have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in FONAR by 1.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 609,789 shares of the medical equipment provider’s stock valued at $9,757,000 after acquiring an additional 7,645 shares during the period. Renaissance Technologies LLC lifted its position in shares of FONAR by 11.5% during the 2nd quarter. Renaissance Technologies LLC now owns 344,216 shares of the medical equipment provider’s stock worth $5,507,000 after purchasing an additional 35,375 shares during the last quarter. Inspire Advisors LLC boosted its stake in FONAR by 177.3% during the 2nd quarter. Inspire Advisors LLC now owns 28,344 shares of the medical equipment provider’s stock valued at $454,000 after purchasing an additional 18,124 shares during the period. Acuitas Investments LLC grew its holdings in FONAR by 142.1% in the 2nd quarter. Acuitas Investments LLC now owns 113,400 shares of the medical equipment provider’s stock valued at $1,814,000 after buying an additional 66,563 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC increased its position in FONAR by 9.6% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 21,605 shares of the medical equipment provider’s stock worth $346,000 after buying an additional 1,900 shares during the period. 50.64% of the stock is owned by institutional investors.

FONAR Stock Down 0.9 %

Shares of FONR stock opened at $17.40 on Thursday. FONAR has a 12 month low of $12.13 and a 12 month high of $24.05. The company has a market cap of $110.11 million, a PE ratio of 11.15 and a beta of 1.19. The business’s 50 day moving average is $17.24 and its two-hundred day moving average is $17.47.

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.