FARO Technologies, Inc. (NASDAQ:FARO – Get Free Report) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 679,400 shares, a decline of 5.4% from the October 15th total of 718,100 shares. Based on an average trading volume of 180,100 shares, the days-to-cover ratio is currently 3.8 days.
FARO Technologies Trading Down 2.5 %
Shares of FARO opened at $18.26 on Friday. The firm has a market capitalization of $346.10 million, a price-to-earnings ratio of -5.72 and a beta of 1.24. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.33 and a quick ratio of 1.95. FARO Technologies has a 1-year low of $10.30 and a 1-year high of $36.74. The company has a 50-day moving average of $14.95 and a 200 day moving average of $15.40.
Analyst Ratings Changes
Several equities analysts recently commented on FARO shares. Needham & Company LLC upped their price target on shares of FARO Technologies from $20.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 2nd. Craig Hallum upgraded FARO Technologies from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Thursday, August 3rd. Finally, StockNews.com started coverage on FARO Technologies in a research note on Thursday, October 5th. They set a “hold” rating for the company.
Insiders Place Their Bets
In related news, Director Alexander M. Davern acquired 10,000 shares of the stock in a transaction dated Tuesday, November 7th. The stock was acquired at an average cost of $17.24 per share, with a total value of $172,400.00. Following the purchase, the director now directly owns 86,956 shares of the company’s stock, valued at $1,499,121.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Alexander M. Davern acquired 15,881 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was bought at an average cost of $17.17 per share, with a total value of $272,676.77. Following the completion of the purchase, the director now directly owns 106,956 shares of the company’s stock, valued at $1,836,434.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexander M. Davern bought 10,000 shares of FARO Technologies stock in a transaction dated Tuesday, November 7th. The stock was purchased at an average cost of $17.24 per share, for a total transaction of $172,400.00. Following the purchase, the director now owns 86,956 shares of the company’s stock, valued at approximately $1,499,121.44. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by insiders.
Institutional Trading of FARO Technologies
Several institutional investors and hedge funds have recently modified their holdings of FARO. Divisar Capital Management LLC grew its stake in FARO Technologies by 112.2% in the second quarter. Divisar Capital Management LLC now owns 1,236,757 shares of the scientific and technical instruments company’s stock worth $20,035,000 after purchasing an additional 654,047 shares in the last quarter. Kent Lake Capital LLC bought a new position in shares of FARO Technologies during the 2nd quarter worth $8,505,000. Invenomic Capital Management LP increased its stake in shares of FARO Technologies by 582.8% during the second quarter. Invenomic Capital Management LP now owns 462,401 shares of the scientific and technical instruments company’s stock valued at $7,491,000 after buying an additional 394,681 shares during the period. Polar Asset Management Partners Inc. bought a new stake in shares of FARO Technologies in the second quarter valued at about $4,631,000. Finally, Marshall Wace LLP lifted its stake in FARO Technologies by 466.3% in the second quarter. Marshall Wace LLP now owns 177,551 shares of the scientific and technical instruments company’s stock worth $2,876,000 after acquiring an additional 146,196 shares during the period. Institutional investors own 96.56% 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 in North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific. It 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 quickly and accurate position components; and FARO Laser Scanning Portfolio to measure and collect a cloud of data points.
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