FARO Technologies (NASDAQ:FARO) Reaches New 1-Year High – Here’s Why

Shares of FARO Technologies, Inc. (NASDAQ:FARO) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $42.67 and last traded at $42.60, with a volume of 172200 shares. The stock had previously closed at $42.43.

Analysts Set New Price Targets

Several analysts have weighed in on FARO shares. Wall Street Zen assumed coverage on FARO Technologies in a report on Friday, May 16th. They issued a “buy” rating on the stock. Craig Hallum lowered shares of FARO Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, May 6th. Finally, Needham & Company LLC cut shares of FARO Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, May 7th.

FARO Technologies Trading Up 0.4%

The stock has a market cap of $819.12 million, a price-to-earnings ratio of -121.81 and a beta of 1.63. The business has a fifty day simple moving average of $34.40 and a 200 day simple moving average of $30.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17.

Institutional Trading of FARO Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. increased its stake in FARO Technologies by 237.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,442,512 shares of the scientific and technical instruments company’s stock valued at $39,381,000 after purchasing an additional 1,014,731 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of FARO Technologies by 9.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 744,222 shares of the scientific and technical instruments company’s stock worth $18,874,000 after purchasing an additional 62,305 shares in the last quarter. Driehaus Capital Management LLC boosted its position in shares of FARO Technologies by 107.4% in the first quarter. Driehaus Capital Management LLC now owns 735,269 shares of the scientific and technical instruments company’s stock worth $20,073,000 after buying an additional 380,779 shares during the period. Bastion Asset Management Inc. grew its stake in shares of FARO Technologies by 50.0% in the first quarter. Bastion Asset Management Inc. now owns 347,263 shares of the scientific and technical instruments company’s stock valued at $9,470,000 after buying an additional 115,740 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of FARO Technologies by 14.2% during the first quarter. Acadian Asset Management LLC now owns 255,457 shares of the scientific and technical instruments company’s stock valued at $6,972,000 after purchasing an additional 31,791 shares during the period. Hedge funds and other institutional investors own 97.19% of the company’s stock.

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.