FARO Technologies (NASDAQ:FARO) Trading Up 9.3% – Here’s Why

Shares of FARO Technologies, Inc. (NASDAQ:FARO) rose 9.3% during trading on Tuesday . The stock traded as high as $26.84 and last traded at $26.84. Approximately 19,486 shares were traded during trading, a decline of 80% from the average daily volume of 95,336 shares. The stock had previously closed at $24.56.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Craig Hallum increased their target price on shares of FARO Technologies from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, December 12th. StockNews.com raised FARO Technologies from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 12th. Finally, Needham & Company LLC increased their target price on FARO Technologies from $26.00 to $34.00 and gave the company a “buy” rating in a report on Thursday.

FARO Technologies Stock Performance

The firm has a market cap of $602.22 million, a P/E ratio of -90.94 and a beta of 1.38. The business’s fifty day simple moving average is $26.42 and its 200-day simple moving average is $20.44. The company has a current ratio of 2.17, a quick ratio of 1.83 and a debt-to-equity ratio of 0.27.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Divisar Capital Management LLC raised its holdings in shares of FARO Technologies by 5.1% during the second quarter. Divisar Capital Management LLC now owns 1,838,777 shares of the scientific and technical instruments company’s stock valued at $29,420,000 after acquiring an additional 90,000 shares in the last quarter. Harvey Partners LLC increased its position in FARO Technologies by 17.8% during the 3rd quarter. Harvey Partners LLC now owns 1,006,000 shares of the scientific and technical instruments company’s stock valued at $19,255,000 after purchasing an additional 152,000 shares during the period. Quest Partners LLC lifted its position in shares of FARO Technologies by 196.7% in the 3rd quarter. Quest Partners LLC now owns 31,622 shares of the scientific and technical instruments company’s stock worth $605,000 after purchasing an additional 20,963 shares during the period. Renaissance Technologies LLC boosted its stake in shares of FARO Technologies by 32.2% during the 2nd quarter. Renaissance Technologies LLC now owns 225,307 shares of the scientific and technical instruments company’s stock valued at $3,605,000 after purchasing an additional 54,865 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of FARO Technologies by 41.4% during the 3rd quarter. Barclays PLC now owns 61,125 shares of the scientific and technical instruments company’s stock valued at $1,171,000 after purchasing an additional 17,892 shares in the last quarter. Institutional investors own 97.19% of the company’s stock.

About FARO Technologies

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions worldwide. The company offers FaroArm, a combination of a portable articulated measurement arm, a computer, and CAM2 software programs; FARO Laser Tracker, a combination of a portable large-volume laser measurement tool, a computer, and CAM2 software programs; FARO Laser Projector, which provides a virtual template that operators and assemblers can use to position components; FARO Laser Scanning Portfolio to measure and collect a cloud of data points for 3D rendering of an object or area; and FARO Mobile Laser Portfolio provides 3D scanning while attached to other mobile devices, such as drones for metrology, reverse engineering, factory automation, building information modeling, public safety, and other applications.