Short Interest in FARO Technologies, Inc. (NASDAQ:FARO) Grows By 7.9%

FARO Technologies, Inc. (NASDAQ:FARO) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 967,000 shares, an increase of 7.9% from the January 15th total of 896,400 shares. Based on an average daily trading volume, of 213,500 shares, the days-to-cover ratio is presently 4.5 days.

Insiders Place Their Bets

In other news, Director Yuval Wasserman sold 5,658 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $31.35, for a total value of $177,378.30. Following the transaction, the director now directly owns 153,512 shares in the company, valued at approximately $4,812,601.20. This represents a 3.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Harvey Partners LLC raised its position in FARO Technologies by 17.8% in the 3rd 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 in the last quarter. Quest Partners LLC increased its holdings in FARO Technologies by 196.7% in the third quarter. Quest Partners LLC now owns 31,622 shares of the scientific and technical instruments company’s stock valued at $605,000 after buying an additional 20,963 shares during the last quarter. Barclays PLC raised its stake in FARO Technologies by 41.4% in the third quarter. Barclays PLC now owns 61,125 shares of the scientific and technical instruments company’s stock valued at $1,171,000 after buying an additional 17,892 shares in the last quarter. Geode Capital Management LLC lifted its holdings in FARO Technologies by 4.4% during the 3rd quarter. Geode Capital Management LLC now owns 450,899 shares of the scientific and technical instruments company’s stock worth $8,633,000 after buying an additional 19,005 shares during the last quarter. Finally, Royce & Associates LP lifted its holdings in FARO Technologies by 20.0% during the 3rd quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company’s stock worth $26,969,000 after buying an additional 234,650 shares during the last quarter. 97.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FARO has been the subject of several research analyst reports. Needham & Company LLC raised their price target on FARO Technologies from $26.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. StockNews.com upgraded FARO Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 12th. Finally, Craig Hallum boosted their price target 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.

FARO Technologies Stock Up 3.3 %

FARO stock traded up $0.94 during midday trading on Tuesday, hitting $29.38. The company’s stock had a trading volume of 255,476 shares, compared to its average volume of 234,609. FARO Technologies has a 52-week low of $13.52 and a 52-week high of $32.90. The firm has a 50-day simple moving average of $28.35 and a 200-day simple moving average of $22.68. The company has a quick ratio of 1.83, a current ratio of 2.17 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $555.87 million, a P/E ratio of -83.94 and a beta of 1.40.

FARO Technologies Company Profile

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.