Fonar Co. (NASDAQ:FONR) Short Interest Down 60.0% in November

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Fonar Co. (NASDAQ:FONR) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 7,800 shares, a drop of 60.0% from the October 31st total of 19,500 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average trading volume of 27,200 shares, the short-interest ratio is presently 0.3 days.

FONR has been the topic of several analyst reports. TheStreet downgraded shares of Fonar from a “b” rating to a “c+” rating in a research report on Monday, November 18th. ValuEngine raised shares of Fonar from a “hold” rating to a “buy” rating in a research report on Saturday, October 19th.

A number of large investors have recently added to or reduced their stakes in FONR. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Fonar during the 2nd quarter valued at $5,405,000. Paloma Partners Management Co acquired a new position in Fonar during the 2nd quarter valued at $684,000. Municipal Employees Retirement System of Michigan acquired a new position in shares of Fonar in the 2nd quarter valued at $513,000. Renaissance Technologies LLC raised its stake in shares of Fonar by 4.2% in the 2nd quarter. Renaissance Technologies LLC now owns 518,216 shares of the medical equipment provider’s stock valued at $11,147,000 after buying an additional 21,000 shares in the last quarter. Finally, Squarepoint Ops LLC raised its stake in shares of Fonar by 79.2% in the 3rd quarter. Squarepoint Ops LLC now owns 17,639 shares of the medical equipment provider’s stock valued at $365,000 after buying an additional 7,794 shares in the last quarter. Hedge funds and other institutional investors own 47.90% of the company’s stock.

FONR stock traded down $0.02 during trading hours on Wednesday, hitting $19.63. The company’s stock had a trading volume of 1,270 shares, compared to its average volume of 16,523. The company has a quick ratio of 6.13, a current ratio of 6.25 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $127.00 million, a PE ratio of 9.03 and a beta of 0.69. Fonar has a 12 month low of $18.85 and a 12 month high of $25.25. The stock has a 50 day moving average price of $20.09 and a two-hundred day moving average price of $21.60.

Fonar (NASDAQ:FONR) last issued its quarterly earnings data on Friday, September 13th. The medical equipment provider reported $0.66 earnings per share for the quarter. The business had revenue of $22.48 million during the quarter. Fonar had a net margin of 16.27% and a return on equity of 12.35%.

Fonar Company Profile

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: Understanding Market Liquidity

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