Short Interest in FONAR Co. (NASDAQ:FONR) Drops By 5.8%

FONAR Co. (NASDAQ:FONR) was the target of a large decline in short interest in 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. Currently, 0.2% of the shares of the company are short sold.

Institutional Trading of FONAR

A number of institutional investors have recently bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in FONAR by 1.3% in the 2nd 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 purchasing an additional 7,645 shares during the period. Renaissance Technologies LLC boosted its holdings in FONAR by 11.5% in the 2nd quarter. Renaissance Technologies LLC now owns 344,216 shares of the medical equipment provider’s stock valued at $5,507,000 after purchasing an additional 35,375 shares during the period. Inspire Advisors LLC boosted its holdings in FONAR by 177.3% in 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 raised its position in shares of 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 in the last quarter. Finally, Linden Thomas Advisory Services LLC raised its position in shares of 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 valued at $346,000 after buying an additional 1,900 shares in the last quarter. Institutional investors own 50.64% of the company’s stock.

FONAR Price Performance

NASDAQ FONR opened at $17.40 on Friday. The company has a market capitalization of $110.11 million, a P/E ratio of 11.15 and a beta of 1.19. FONAR has a 12-month low of $12.13 and a 12-month high of $24.05. The firm has a 50-day moving average price of $17.26 and a two-hundred day moving average price of $17.47.

Analyst Upgrades and Downgrades

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

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.