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

FARO Technologies, Inc. (NASDAQ:FARO)’s stock price traded up 9.3% during trading on Tuesday . The stock traded as high as $26.84 and last traded at $26.84. 19,486 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 95,336 shares. The stock had previously closed at $24.56.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Craig Hallum lifted 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 report on Tuesday, November 12th. Finally, Needham & Company LLC upped their target price on shares of FARO Technologies from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

FARO Technologies Price Performance

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 stock has a market capitalization of $520.79 million, a PE ratio of -78.65 and a beta of 1.38. The stock’s 50-day moving average is $26.01 and its 200 day moving average is $20.29.

Hedge Funds Weigh In On FARO Technologies

A number of large investors have recently bought and sold shares of the company. Quarry LP boosted its position in shares of FARO Technologies by 912.2% in the 2nd quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock worth $29,000 after buying an additional 1,651 shares in the last quarter. CWM LLC grew its position in shares of FARO Technologies by 41.0% in the third quarter. CWM LLC now owns 3,328 shares of the scientific and technical instruments company’s stock valued at $64,000 after purchasing an additional 968 shares during the period. SG Americas Securities LLC acquired a new position in shares of FARO Technologies during the 3rd quarter valued at about $141,000. Dynamic Technology Lab Private Ltd purchased a new position in FARO Technologies during the third quarter worth approximately $213,000. Finally, American Century Companies Inc. grew its position in FARO Technologies by 16.7% during the second quarter. American Century Companies Inc. now owns 20,903 shares of the scientific and technical instruments company’s stock valued at $334,000 after acquiring an additional 2,993 shares during the period. Hedge funds and other 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.