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

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

Analysts Set New Price Targets

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

FARO Technologies Stock Performance

The company has a current ratio of 2.17, a quick ratio of 1.83 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $569.97 million, a price-to-earnings ratio of -86.19 and a beta of 1.38. The stock has a fifty day moving average price of $26.55 and a 200-day moving average price of $20.52.

Hedge Funds Weigh In On FARO Technologies

Several institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its holdings in shares of FARO Technologies by 13.1% during the fourth quarter. SG Americas Securities LLC now owns 8,345 shares of the scientific and technical instruments company’s stock worth $212,000 after buying an additional 966 shares in the last quarter. Range Financial Group LLC acquired a new stake in FARO Technologies during the 4th quarter valued at $374,000. Barclays PLC raised its position in FARO Technologies by 41.4% in the 3rd quarter. Barclays PLC now owns 61,125 shares of the scientific and technical instruments company’s stock valued at $1,171,000 after purchasing an additional 17,892 shares during the last quarter. Geode Capital Management LLC boosted its stake in FARO Technologies by 4.4% in the third quarter. Geode Capital Management LLC now owns 450,899 shares of the scientific and technical instruments company’s stock worth $8,633,000 after purchasing an additional 19,005 shares in the last quarter. Finally, Polar Asset Management Partners Inc. boosted 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 worth $12,954,000 after purchasing an additional 2,700 shares in the last quarter. 97.19% of the stock is owned by institutional investors.

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.