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

FARO Technologies, Inc. (NASDAQ:FAROGet Free Report) shares 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 traded.

Several other equities research analysts also recently weighed in on the stock. Craig Hallum increased their target price on shares of FARO Technologies from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. StockNews.com raised shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 12th.

Check Out Our Latest Analysis on FARO Technologies

Hedge Funds Weigh In On FARO Technologies

A number of large investors have recently bought and sold shares of the business. Quarry LP lifted its position in shares of FARO Technologies by 912.2% during the second quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 1,651 shares during the last quarter. CWM LLC grew its holdings 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 worth $64,000 after purchasing an additional 968 shares during the last quarter. SG Americas Securities LLC bought a new stake in FARO Technologies during the 3rd quarter valued at about $141,000. Dynamic Technology Lab Private Ltd purchased a new stake in FARO Technologies in the 3rd quarter valued at about $213,000. Finally, American Century Companies Inc. boosted its position in FARO Technologies by 16.7% in the 2nd quarter. American Century Companies Inc. now owns 20,903 shares of the scientific and technical instruments company’s stock valued at $334,000 after buying an additional 2,993 shares during the period. Hedge funds and other institutional investors own 97.19% of the company’s stock.

FARO Technologies Price Performance

The firm has a market capitalization of $602.22 million, a P/E ratio of -90.94 and a beta of 1.38. The stock’s 50 day simple moving average is $26.55 and its 200 day simple moving average is $20.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17.

About FARO Technologies

(Get Free Report)

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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