Fonar Co. (NASDAQ:FONR) was the target of a significant decline in short interest in January. As of January 31st, there was short interest totalling 8,100 shares, a decline of 28.9% from the January 15th total of 11,400 shares. Based on an average daily trading volume, of 22,200 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the company’s shares are short sold.
A number of brokerages have recently commented on FONR. TheStreet downgraded shares of Fonar from a “b” rating to a “c+” rating in a report on Monday, November 18th. ValuEngine upgraded shares of Fonar from a “hold” rating to a “buy” rating in a report on Saturday, October 19th.
A number of institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its holdings in Fonar by 2.5% in the fourth quarter. Renaissance Technologies LLC now owns 544,716 shares of the medical equipment provider’s stock valued at $10,725,000 after purchasing an additional 13,064 shares during the period. California Public Employees Retirement System grew its holdings in Fonar by 5.7% in the third quarter. California Public Employees Retirement System now owns 48,175 shares of the medical equipment provider’s stock valued at $996,000 after purchasing an additional 2,600 shares during the period. Bank of Montreal Can purchased a new stake in Fonar in the fourth quarter valued at approximately $622,000. Stanley Laman Group Ltd. grew its holdings in Fonar by 26.8% in the fourth quarter. Stanley Laman Group Ltd. now owns 31,093 shares of the medical equipment provider’s stock valued at $612,000 after purchasing an additional 6,567 shares during the period. Finally, Millennium Management LLC grew its holdings in Fonar by 31.4% in the third quarter. Millennium Management LLC now owns 29,841 shares of the medical equipment provider’s stock valued at $616,000 after purchasing an additional 7,126 shares during the period. Hedge funds and other institutional investors own 47.88% of the company’s stock.
Shares of NASDAQ FONR traded down $0.19 during midday trading on Friday, reaching $20.27. 19,097 shares of the stock were exchanged, compared to its average volume of 31,245. The company has a market capitalization of $131.93 million, a P/E ratio of 9.52 and a beta of 0.64. Fonar has a 52-week low of $18.85 and a 52-week high of $25.25. The company has a current ratio of 6.25, a quick ratio of 6.13 and a debt-to-equity ratio of 0.24. The stock has a 50 day moving average price of $20.49 and a 200-day moving average price of $21.28.
Fonar (NASDAQ:FONR) last released its earnings results on Monday, February 10th. The medical equipment provider reported $0.44 earnings per share (EPS) for the quarter. Fonar had a net margin of 15.75% and a return on equity of 11.78%. The firm had revenue of $21.45 million during the quarter.
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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