FARO Technologies, Inc. (NASDAQ:FARO – Get Free Report) saw a significant growth in short interest during 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 days-to-cover ratio is presently 4.5 days.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on the company. Needham & Company LLC increased their price objective on FARO Technologies from $26.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. StockNews.com raised FARO Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 12th. Finally, Craig Hallum increased their price objective on FARO Technologies from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, December 12th.
Check Out Our Latest Report on FARO Technologies
Insider Activity
Institutional Investors Weigh In On FARO Technologies
A number of institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its position in FARO Technologies by 0.8% in the fourth quarter. Millennium Management LLC now owns 54,069 shares of the scientific and technical instruments company’s stock worth $1,371,000 after purchasing an additional 439 shares during the period. SG Americas Securities LLC lifted its position in FARO Technologies by 13.1% in the fourth quarter. SG Americas Securities LLC now owns 8,345 shares of the scientific and technical instruments company’s stock worth $212,000 after purchasing an additional 966 shares during the period. CWM LLC lifted its position in 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 period. Quarry LP acquired a new stake in FARO Technologies in the fourth quarter worth approximately $25,000. Finally, Price T Rowe Associates Inc. MD lifted its position in FARO Technologies by 3.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 37,129 shares of the scientific and technical instruments company’s stock worth $942,000 after purchasing an additional 1,314 shares during the period. 97.19% of the stock is currently owned by institutional investors and hedge funds.
FARO Technologies Stock Performance
FARO stock traded up $0.94 on Tuesday, reaching $29.38. The company’s stock had a trading volume of 255,476 shares, compared to its average volume of 234,609. The company has a market capitalization of $555.87 million, a P/E ratio of -83.94 and a beta of 1.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.17 and a quick ratio of 1.83. FARO Technologies has a 52 week low of $13.52 and a 52 week high of $32.90. The firm has a fifty day moving average of $28.35 and a two-hundred day moving average of $22.68.
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.
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