FARO Technologies (NASDAQ:FARO) Trading Up 9.3% - Here's What Happened

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

Analysts Set New Price Targets

Several analysts recently weighed in on FARO shares. Needham & Company LLC boosted their price objective on shares of FARO Technologies from $24.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. StockNews.com upgraded FARO Technologies from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, November 12th. Finally, Craig Hallum raised their price objective on FARO Technologies from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th.

FARO Technologies Trading Up 16.7 %

The company has a market cap of $541.97 million, a P/E ratio of -81.85 and a beta of 1.38. The firm has a 50-day moving average of $26.01 and a 200 day moving average of $20.29. 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 Investors Weigh In On FARO Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Divisar Capital Management LLC grew 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 buying an additional 90,000 shares during the last quarter. Harvey Partners LLC boosted its stake 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 last quarter. Quest Partners LLC increased its holdings in FARO Technologies by 196.7% during 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 in the last quarter. Renaissance Technologies LLC increased its holdings in 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 worth $3,605,000 after purchasing an additional 54,865 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of FARO Technologies by 41.4% in the third 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.

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.