FARO Technologies (NASDAQ:FARO) Hits New 52-Week High on Analyst Upgrade

FARO Technologies, Inc. (NASDAQ:FARO) shares hit a new 52-week high during 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 upped their price target on shares of FARO Technologies from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday.

Insider Buying and Selling at FARO Technologies

In other news, CEO Peter James Lau sold 5,435 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $16.67, for a total value of $90,601.45. Following the sale, the chief executive officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On FARO Technologies

Several hedge funds have recently made changes to their positions in the business. Quarry LP boosted its stake in shares of FARO Technologies by 912.2% during the 2nd quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock worth $29,000 after acquiring an additional 1,651 shares in the last quarter. CWM LLC lifted its holdings in shares of FARO Technologies by 343.6% during the second quarter. CWM LLC now owns 2,360 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 1,828 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of FARO Technologies in the 3rd quarter valued at $141,000. American Century Companies Inc. increased its stake 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 worth $334,000 after purchasing an additional 2,993 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in FARO Technologies by 3.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 29,806 shares of the scientific and technical instruments company’s stock worth $642,000 after buying an additional 897 shares during the period. Institutional investors and hedge funds own 97.19% of the company’s stock.

FARO Technologies Stock Up 36.5 %

The business’s 50 day simple moving average is $18.09 and its 200 day simple moving average is $17.58. The company has a market capitalization of $501.15 million, a PE ratio of -32.53 and a beta of 1.26. The company has a quick ratio of 2.01, a current ratio of 2.33 and a debt-to-equity ratio of 0.27.

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

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.