FARO Technologies (NASDAQ:FARO) Sets New 52-Week High After Analyst Upgrade

Shares of FARO Technologies, Inc. (NASDAQ:FARO) reached a new 52-week high during mid-day trading on Thursday after Craig Hallum raised their price target on the stock from $25.00 to $30.00. Craig Hallum currently has a buy rating on the stock. FARO Technologies traded as high as $26.32 and last traded at $25.69, with a volume of 591030 shares trading hands. The stock had previously closed at $18.83.

Separately, Needham & Company LLC raised their target price on FARO Technologies from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday.

Insiders Place Their Bets

In other FARO Technologies news, CEO Peter James Lau sold 5,435 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $16.67, for a total transaction of $90,601.45. Following the completion of the sale, the chief executive officer now directly owns 133,975 shares of the company’s stock, valued at approximately $2,233,363.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Quest Partners LLC increased its position in shares of FARO Technologies by 196.7% during the third quarter. Quest Partners LLC now owns 31,622 shares of the scientific and technical instruments company’s stock worth $605,000 after buying an additional 20,963 shares during the period. Royce & Associates LP increased its stake in 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 in the last quarter. GSA Capital Partners LLP increased its position in shares of FARO Technologies by 27.6% during the third quarter. GSA Capital Partners LLP now owns 78,277 shares of the scientific and technical instruments company’s stock worth $1,498,000 after acquiring an additional 16,944 shares in the last quarter. CWM LLC lifted 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 valued at $64,000 after purchasing an additional 968 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in FARO Technologies during the third quarter worth about $141,000. Institutional investors own 97.19% of the company’s stock.

FARO Technologies Price Performance

The stock has a market cap of $501.15 million, a PE ratio of -32.01 and a beta of 1.26. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.01 and a current ratio of 2.33. The business has a 50 day moving average price of $17.93 and a two-hundred day moving average price of $17.53.

FARO Technologies (NASDAQ:FARO) last posted its earnings results on Thursday, August 8th. The scientific and technical instruments company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.14. The business had revenue of $82.09 million during the quarter. FARO Technologies had a negative return on equity of 5.72% and a negative net margin of 4.25%.

About FARO Technologies

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.