FARO Technologies, Inc. (NASDAQ:FARO) Short Interest Down 9.1% in September

by · The Markets Daily

FARO Technologies, Inc. (NASDAQ:FARO – Get Free Report) was the target of a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 1,500,000 shares, a drop of 9.1% from the August 31st total of 1,650,000 shares. Based on an average daily trading volume, of 163,300 shares, the short-interest ratio is currently 9.2 days.

FARO Technologies Price Performance

Shares of FARO traded down $0.98 during mid-day trading on Tuesday, reaching $18.16. 98,384 shares of the stock traded hands, compared to its average volume of 179,236. The company has a market cap of $348.78 million, a price-to-earnings ratio of -8.04 and a beta of 1.25. FARO Technologies has a 1 year low of $12.34 and a 1 year high of $24.80. The firm has a fifty day moving average price of $16.88 and a 200 day moving average price of $17.95. The company has a current ratio of 2.33, a quick ratio of 2.01 and a debt-to-equity ratio of 0.27.

FARO Technologies (NASDAQ:FARO – Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The scientific and technical instruments company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.14. FARO Technologies had a negative return on equity of 5.72% and a negative net margin of 4.25%. The firm had revenue of $82.09 million for the quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Craig Hallum cut their price target on shares of FARO Technologies from $29.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Needham & Company LLC lowered their price target on shares of FARO Technologies from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, August 9th.

Get Our Latest Stock Analysis on FARO

Insider Buying and Selling

In other news, CEO Peter James Lau sold 5,435 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $16.67, for a total value of $90,601.45. Following the transaction, the chief executive officer now directly owns 133,975 shares of the company’s stock, valued at approximately $2,233,363.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On FARO Technologies

Large investors have recently added to or reduced their stakes in the company. Quarry LP increased its holdings in FARO Technologies by 912.2% during the 2nd quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock valued at $29,000 after purchasing an additional 1,651 shares during the period. CWM LLC increased its stake in shares of FARO Technologies by 343.6% during the second quarter. CWM LLC now owns 2,360 shares of the scientific and technical instruments company’s stock valued at $38,000 after buying an additional 1,828 shares during the period. American Century Companies Inc. raised 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 valued at $334,000 after acquiring an additional 2,993 shares in the last quarter. Sierra Summit Advisors LLC purchased a new stake in shares of FARO Technologies in the 4th quarter worth about $618,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in FARO Technologies by 3.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 29,806 shares of the scientific and technical instruments company’s stock worth $642,000 after buying an additional 897 shares during the period. Institutional investors own 97.19% of the company’s stock.

About FARO Technologies

(Get Free Report)

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.

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