FARO Technologies (NASDAQ:FARO) Shares Gap Up After Better-Than-Expected Earnings

FARO Technologies, Inc. (NASDAQ:FARO) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $27.07, but opened at $31.74. FARO Technologies shares last traded at $29.89, with a volume of 72,940 shares changing hands.

The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.10. FARO Technologies had a negative net margin of 1.87% and a negative return on equity of 2.49%. The company had revenue of $93.54 million for the quarter, compared to analysts’ expectations of $91.40 million. During the same quarter in the previous year, the company posted $0.36 EPS.

Analysts Set New Price Targets

A number of brokerages have recently commented on FARO. StockNews.com upgraded FARO Technologies from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 12th. Craig Hallum upped their target price on FARO Technologies from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC increased their price target on FARO Technologies from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Tuesday.

Insider Activity

In other news, Director Yuval Wasserman sold 5,658 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $31.35, for a total value of $177,378.30. Following the completion of the sale, the director now owns 153,512 shares of the company’s stock, valued at $4,812,601.20. This trade represents a 3.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On FARO Technologies

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC grew its stake in FARO Technologies by 0.8% during the 4th quarter. Millennium Management LLC now owns 54,069 shares of the scientific and technical instruments company’s stock valued at $1,371,000 after acquiring an additional 439 shares in the last quarter. SG Americas Securities LLC grew its position in 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 valued at $212,000 after purchasing an additional 966 shares in the last quarter. Quarry LP purchased a new position in FARO Technologies during the fourth quarter valued at approximately $25,000. Price T Rowe Associates Inc. MD increased its stake in FARO Technologies by 3.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 37,129 shares of the scientific and technical instruments company’s stock valued at $942,000 after buying an additional 1,314 shares during the period. Finally, Rhumbline Advisers lifted its position in FARO Technologies by 4.5% in the 4th quarter. Rhumbline Advisers now owns 31,279 shares of the scientific and technical instruments company’s stock worth $793,000 after buying an additional 1,333 shares in the last quarter. 97.19% of the stock is owned by hedge funds and other institutional investors.

FARO Technologies Stock Up 2.3 %

The business’s 50 day simple moving average is $28.58 and its 200-day simple moving average is $23.34. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17. The company has a market cap of $614.42 million, a price-to-earnings ratio of -92.80 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.