FARO Technologies (NASDAQ:FARO) Shares Gap Up Following Analyst Upgrade

FARO Technologies, Inc. (NASDAQ:FARO - Get Free Report)'s stock price gapped up prior to trading on Thursday after Needham & Company LLC raised their price target on the stock from $26.00 to $34.00. The stock had previously closed at $29.20, but opened at $30.27. Needham & Company LLC currently has a buy rating on the stock. FARO Technologies shares last traded at $30.58, with a volume of 63,102 shares changing hands.

Several other equities analysts also recently issued reports on the stock. Craig Hallum upped their price objective 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 upgraded shares of FARO Technologies from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, November 12th.

Institutional Trading of FARO Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Royce & Associates LP raised its holdings in shares of FARO Technologies by 20.0% during the third quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company's stock worth $26,969,000 after purchasing an additional 234,650 shares during the last quarter. Needham Investment Management LLC lifted its holdings in shares of FARO Technologies by 20.0% in the 3rd quarter. Needham Investment Management LLC now owns 1,029,250 shares of the scientific and technical instruments company's stock valued at $19,700,000 after buying an additional 171,300 shares during the period. Harvey Partners LLC grew its holdings in FARO Technologies by 17.8% during the third quarter. Harvey Partners LLC now owns 1,006,000 shares of the scientific and technical instruments company's stock worth $19,255,000 after acquiring an additional 152,000 shares during the period. Divisar Capital Management LLC raised its position in 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. Finally, Invenomic Capital Management LP boosted its position in FARO Technologies by 23.2% in the 3rd quarter. Invenomic Capital Management LP now owns 396,830 shares of the scientific and technical instruments company's stock worth $7,595,000 after purchasing an additional 74,631 shares in the last quarter. 97.19% of the stock is currently owned by institutional investors and hedge funds.

FARO Technologies Stock Up 9.0 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17. The firm has a market cap of $602.22 million, a price-to-earnings ratio of -90.94 and a beta of 1.38. The business's 50 day moving average price is $26.42 and its 200 day moving average price is $20.44.

FARO Technologies Company Profile

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.