FARO Technologies, Inc. (NASDAQ:FARO - Get Free Report) was the recipient of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 967,000 shares, a growth of 7.9% from the January 15th total of 896,400 shares. Based on an average daily volume of 213,500 shares, the short-interest ratio is currently 4.5 days.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on the company. StockNews.com upgraded FARO Technologies from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, November 12th. Needham & Company LLC increased their target price on shares of FARO Technologies from $26.00 to $34.00 and gave the stock a "buy" rating in a report on Thursday, January 16th. Finally, Craig Hallum increased their price objective on shares of FARO Technologies from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th.
Get Our Latest Research Report on FARO Technologies
FARO Technologies Price Performance
FARO stock traded down $1.17 during midday trading on Friday, hitting $26.66. The company's stock had a trading volume of 241,122 shares, compared to its average volume of 232,862. The firm has a market capitalization of $504.41 million, a price-to-earnings ratio of -76.17 and a beta of 1.40. The company has a quick ratio of 1.83, a current ratio of 2.17 and a debt-to-equity ratio of 0.27. FARO Technologies has a 12 month low of $13.52 and a 12 month high of $32.90. The company has a 50 day moving average of $28.40 and a two-hundred day moving average of $22.95.
Insider Transactions at FARO Technologies
In other FARO Technologies news, Director Yuval Wasserman sold 5,658 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $31.35, for a total transaction of $177,378.30. Following the completion of the sale, the director now directly owns 153,512 shares of the company's stock, valued at approximately $4,812,601.20. This represents a 3.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.10% of the company's stock.
Hedge Funds Weigh In On FARO Technologies
Institutional investors have recently bought and sold shares of the stock. Royce & Associates LP boosted its holdings in shares of FARO Technologies by 20.0% during the 3rd quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company's stock valued at $26,969,000 after purchasing an additional 234,650 shares during the last quarter. Needham Investment Management LLC grew its holdings in FARO Technologies by 20.0% during 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 in the last quarter. Harvey Partners LLC increased its stake in FARO Technologies by 17.8% in the 3rd 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 last quarter. Dimensional Fund Advisors LP raised its holdings in shares of FARO Technologies by 9.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 744,222 shares of the scientific and technical instruments company's stock worth $18,874,000 after acquiring an additional 62,305 shares in the last quarter. Finally, Polar Asset Management Partners Inc. boosted its position in shares of FARO Technologies by 0.4% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 676,796 shares of the scientific and technical instruments company's stock valued at $12,954,000 after acquiring an additional 2,700 shares during the last quarter. 97.19% of the stock is owned by hedge funds and other institutional investors.
FARO Technologies Company Profile
(
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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.
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