Fonar Co. (NASDAQ:FONR) Sees Significant Drop in Short Interest

Fonar Co. (NASDAQ:FONR) was the recipient of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 21,400 shares, a decrease of 10.5% from the August 30th total of 23,900 shares. Based on an average daily trading volume, of 37,200 shares, the short-interest ratio is presently 0.6 days. Currently, 0.3% of the shares of the company are short sold.

NASDAQ:FONR traded down $0.12 on Monday, hitting $19.76. The company’s stock had a trading volume of 28,100 shares, compared to its average volume of 36,468. The stock has a fifty day moving average of $22.54 and a two-hundred day moving average of $21.65. The firm has a market capitalization of $127.27 million, a P/E ratio of 8.93 and a beta of 0.72. Fonar has a one year low of $18.85 and a one year high of $25.77.

A number of large investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its stake in Fonar by 23.9% in the second quarter. Russell Investments Group Ltd. now owns 2,362 shares of the medical equipment provider’s stock valued at $51,000 after buying an additional 456 shares during the period. Meeder Asset Management Inc. raised its stake in Fonar by 14.9% in the second quarter. Meeder Asset Management Inc. now owns 4,334 shares of the medical equipment provider’s stock valued at $93,000 after buying an additional 561 shares during the period. Morgan Stanley grew its position in shares of Fonar by 86.7% in the second quarter. Morgan Stanley now owns 4,099 shares of the medical equipment provider’s stock valued at $89,000 after purchasing an additional 1,904 shares during the last quarter. Marshall Wace LLP grew its position in shares of Fonar by 10.9% in the second quarter. Marshall Wace LLP now owns 23,731 shares of the medical equipment provider’s stock valued at $510,000 after purchasing an additional 2,329 shares during the last quarter. Finally, Hancock Whitney Corp grew its position in shares of Fonar by 21.2% in the second quarter. Hancock Whitney Corp now owns 13,617 shares of the medical equipment provider’s stock valued at $293,000 after purchasing an additional 2,383 shares during the last quarter. Hedge funds and other institutional investors own 48.53% of the company’s stock.

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.

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