272 Capital LP Increases Position in FARO Technologies, Inc. (NASDAQ:FARO)

272 Capital LP lifted its holdings in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 54.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,729 shares of the scientific and technical instruments company’s stock after acquiring an additional 20,100 shares during the quarter. 272 Capital LP owned 0.30% of FARO Technologies worth $908,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of FARO. Price T Rowe Associates Inc. MD raised its stake in shares of 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 purchasing an additional 897 shares during the period. CWM LLC raised its position in FARO Technologies by 343.6% in the second quarter. CWM LLC now owns 2,360 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 1,828 shares during the period. American Century Companies Inc. boosted its stake in FARO Technologies by 16.7% in the second quarter. American Century Companies Inc. now owns 20,903 shares of the scientific and technical instruments company’s stock valued at $334,000 after acquiring an additional 2,993 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of FARO Technologies by 5.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 76,337 shares of the scientific and technical instruments company’s stock valued at $1,221,000 after acquiring an additional 4,174 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of FARO Technologies by 8.4% in the 1st quarter. BNP Paribas Financial Markets now owns 65,061 shares of the scientific and technical instruments company’s stock worth $1,399,000 after purchasing an additional 5,035 shares during the period. Hedge funds and other institutional investors own 97.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FARO shares. Craig Hallum reduced their price objective on FARO Technologies from $29.00 to $25.00 and set a “buy” rating for the company in a report on Friday, August 9th. Needham & Company LLC cut their price target on FARO Technologies from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Friday, August 9th.

FARO Technologies Stock Performance

Shares of FARO stock opened at $17.89 on Tuesday. The firm’s 50 day moving average is $16.77 and its 200 day moving average is $18.02. The stock has a market capitalization of $343.60 million, a P/E ratio of -7.95 and a beta of 1.25. FARO Technologies, Inc. has a 12 month low of $12.34 and a 12 month high of $24.80. The company has a current ratio of 2.33, a quick ratio of 2.01 and a debt-to-equity ratio of 0.27.

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 (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.14. The firm had revenue of $82.09 million for the quarter. FARO Technologies had a negative return on equity of 5.72% and a negative net margin of 4.25%.

Insiders Place Their Bets

In other FARO Technologies news, CEO Peter James Lau sold 5,435 shares of FARO Technologies 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 transaction, the chief executive officer now owns 133,975 shares of the company’s stock, valued at approximately $2,233,363.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is owned by corporate insiders.

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.