FARO Technologies, Inc. (NASDAQ:FARO) Sees Significant Growth in Short Interest

FARO Technologies, Inc. (NASDAQ:FAROGet Free Report) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 1,740,000 shares, a growth of 13.0% from the February 29th total of 1,540,000 shares. Based on an average daily volume of 234,900 shares, the days-to-cover ratio is presently 7.4 days.

Insider Activity

In other news, VP Jeffrey D. Sexton sold 1,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $20.06, for a total value of $30,090.00. Following the transaction, the vice president now directly owns 27,706 shares of the company’s stock, valued at approximately $555,782.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On FARO Technologies

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of FARO Technologies by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 1,525,424 shares of the scientific and technical instruments company’s stock worth $34,368,000 after purchasing an additional 43,070 shares during the period. Sierra Summit Advisors LLC bought a new position in shares of FARO Technologies in the fourth quarter worth $618,000. Price T Rowe Associates Inc. MD increased its holdings in shares of FARO Technologies by 1.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 28,909 shares of the scientific and technical instruments company’s stock worth $652,000 after purchasing an additional 475 shares during the period. GSA Capital Partners LLP bought a new position in shares of FARO Technologies in the fourth quarter worth $816,000. Finally, Legal & General Group Plc increased its holdings in shares of FARO Technologies by 3.0% in the fourth quarter. Legal & General Group Plc now owns 351,586 shares of the scientific and technical instruments company’s stock worth $7,921,000 after purchasing an additional 10,118 shares during the period. Hedge funds and other institutional investors own 97.19% of the company’s stock.

Analysts Set New Price Targets

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $27.00 target price on shares of FARO Technologies in a research report on Thursday, February 29th.

Read Our Latest Research Report on FARO Technologies

FARO Technologies Stock Performance

Shares of FARO opened at $21.51 on Monday. FARO Technologies has a 52 week low of $10.30 and a 52 week high of $25.23. The stock has a 50 day moving average price of $21.83 and a two-hundred day moving average price of $19.13. The firm has a market capitalization of $408.04 million, a P/E ratio of -7.19 and a beta of 1.41. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.00 and a current ratio of 2.31.

FARO Technologies (NASDAQ:FAROGet Free Report) last announced its earnings results on Tuesday, February 27th. The scientific and technical instruments company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.31. FARO Technologies had a negative return on equity of 20.66% and a negative net margin of 15.77%. The firm had revenue of $98.84 million for the quarter.

FARO Technologies Company Profile

(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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