FARO Technologies (NASDAQ:FARO) Hits New 12-Month High Following Analyst Upgrade

FARO Technologies, Inc. (NASDAQ:FARO)’s stock price reached a new 52-week high during mid-day trading on Thursday after Craig Hallum raised their price target on the stock from $30.00 to $33.00. Craig Hallum currently has a buy rating on the stock. FARO Technologies traded as high as $28.67 and last traded at $28.45, with a volume of 20120 shares traded. The stock had previously closed at $27.36.

Other research analysts have also issued reports about the stock. Needham & Company LLC lifted their price objective on shares of FARO Technologies from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. StockNews.com upgraded FARO Technologies from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 12th.

Institutional Trading of FARO Technologies

Hedge funds have recently made changes to their positions in the company. Quarry LP boosted its holdings in FARO Technologies by 912.2% in the 2nd quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock valued at $29,000 after purchasing an additional 1,651 shares in the last quarter. 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 in the last quarter. SG Americas Securities LLC acquired a new stake in FARO Technologies in the third quarter valued at $141,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of FARO Technologies during the 3rd quarter worth $213,000. Finally, American Century Companies Inc. increased its holdings in shares of 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 purchasing an additional 2,993 shares in the last quarter. Institutional investors and hedge funds own 97.19% of the company’s stock.

FARO Technologies Price Performance

The stock has a market cap of $517.46 million, a price-to-earnings ratio of -78.14 and a beta of 1.38. The company’s 50 day moving average is $22.67 and its 200 day moving average is $18.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.17 and a quick ratio of 1.83.

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.