FARO Technologies (NASDAQ:FARO) Shares Down 3.8% – Here’s What Happened

FARO Technologies, Inc. (NASDAQ:FARO)’s stock price was down 3.8% during trading on Friday . The company traded as low as $30.53 and last traded at $30.63. Approximately 119,893 shares traded hands during trading, a decline of 43% from the average daily volume of 210,317 shares. The stock had previously closed at $31.83.

Wall Street Analysts Forecast Growth

FARO has been the subject of a number of research analyst reports. Craig Hallum boosted their target price on shares of FARO Technologies from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Needham & Company LLC boosted their price objective on shares of FARO Technologies from $26.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, StockNews.com raised FARO Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 12th.

FARO Technologies Trading Down 5.4 %

The company has a market capitalization of $569.97 million, a price-to-earnings ratio of -86.19 and a beta of 1.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17. The business’s 50-day simple moving average is $26.55 and its 200-day simple moving average is $20.52.

Hedge Funds Weigh In On FARO Technologies

Several large investors have recently bought and sold shares of the business. Divisar Capital Management LLC raised its position in shares of FARO Technologies by 5.1% during the 2nd quarter. Divisar Capital Management LLC now owns 1,838,777 shares of the scientific and technical instruments company’s stock valued at $29,420,000 after acquiring an additional 90,000 shares during the last quarter. Royce & Associates LP grew its stake in shares of FARO Technologies by 20.0% during the third quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company’s stock worth $26,969,000 after purchasing an additional 234,650 shares during the period. Needham Investment Management LLC increased its holdings in FARO Technologies by 20.0% in the third quarter. Needham Investment Management LLC now owns 1,029,250 shares of the scientific and technical instruments company’s stock valued at $19,700,000 after purchasing an additional 171,300 shares during the last quarter. Harvey Partners LLC increased its holdings in FARO Technologies by 17.8% in the third quarter. Harvey Partners LLC now owns 1,006,000 shares of the scientific and technical instruments company’s stock valued at $19,255,000 after purchasing an additional 152,000 shares during the last quarter. Finally, Polar Asset Management Partners Inc. lifted its stake in FARO Technologies by 0.4% in the third quarter. Polar Asset Management Partners Inc. now owns 676,796 shares of the scientific and technical instruments company’s stock valued at $12,954,000 after buying an additional 2,700 shares during the period. 97.19% of the stock is currently owned by institutional investors and hedge funds.

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.