FARO Technologies (NASDAQ:FARO) Shares Gap Up Following Analyst Upgrade

FARO Technologies, Inc. (NASDAQ:FARO) gapped up prior to trading on Thursday after Needham & Company LLC raised their price target on the stock from $26.00 to $34.00. The stock had previously closed at $29.20, but opened at $30.27. Needham & Company LLC currently has a buy rating on the stock. FARO Technologies shares last traded at $30.58, with a volume of 63,102 shares changing hands.

A number of other analysts have also recently issued reports on FARO. Craig Hallum raised 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. StockNews.com upgraded shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 12th.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Quarry LP boosted its position in shares of FARO Technologies by 912.2% in the second quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock valued at $29,000 after acquiring an additional 1,651 shares during the period. CWM LLC raised its stake in FARO Technologies by 41.0% in the 3rd 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 in the last quarter. SG Americas Securities LLC bought a new stake in FARO Technologies in the 3rd quarter valued at about $141,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of FARO Technologies during the 3rd quarter worth approximately $213,000. Finally, American Century Companies Inc. increased its holdings in shares of FARO Technologies by 16.7% during the second 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 during the period. Institutional investors own 97.19% of the company’s stock.

FARO Technologies Trading Up 4.5 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.17 and a quick ratio of 1.83. The company has a market capitalization of $577.44 million, a price-to-earnings ratio of -87.20 and a beta of 1.38. The business’s 50-day moving average price is $26.42 and its two-hundred day moving average price is $20.44.

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.