FARO Technologies, Inc. (NASDAQ:FARO) Short Interest Update – MarketBeat

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FARO Technologies, Inc. (NASDAQ:FARO – Get Rating) was the recipient of a significant drop in short interest in September. As of September 30th, there was short interest totalling 499,800 shares, a drop of 5.9% from the September 15th total of 530,900 shares. Based on an average daily trading volume, of 112,000 shares, the short-interest ratio is presently 4.5 days.

FARO Technologies Stock Performance

NASDAQ FARO traded down $0.03 during trading hours on Tuesday, reaching $27.15. 138,377 shares of the company were exchanged, compared to its average volume of 119,844. FARO Technologies has a 1 year low of $25.54 and a 1 year high of $83.39. The business’s 50 day simple moving average is $32.22 and its 200-day simple moving average is $34.20.
FARO Technologies (NASDAQ:FARO – Get Rating) last posted its quarterly earnings data on Wednesday, August 3rd. The scientific and technical instruments company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). FARO Technologies had a negative return on equity of 16.58% and a negative net margin of 16.02%. The company had revenue of $79.92 million for the quarter.

Institutional Trading of FARO Technologies

A number of large investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC increased its holdings in FARO Technologies by 26.6% during the third quarter. ARK Investment Management LLC now owns 234,583 shares of the scientific and technical instruments company’s stock worth $6,437,000 after buying an additional 49,231 shares during the last quarter. Moody National Bank Trust Division bought a new position in FARO Technologies during the third quarter worth about $329,000. Confluence Investment Management LLC boosted its position in FARO Technologies by 1.2% during the third quarter. Confluence Investment Management LLC now owns 89,981 shares of the scientific and technical instruments company’s stock worth $2,469,000 after purchasing an additional 1,098 shares during the period. Federated Hermes Inc. bought a new position in FARO Technologies during the second quarter worth about $7,528,000. Finally, Legal & General Group Plc boosted its position in FARO Technologies by 3.6% during the second quarter. Legal & General Group Plc now owns 358,607 shares of the scientific and technical instruments company’s stock worth $11,056,000 after purchasing an additional 12,410 shares during the period. Hedge funds and other institutional investors own 96.70% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on FARO shares. Needham & Company LLC dropped their price objective on shares of FARO Technologies from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, August 4th. DA Davidson lowered their target price on shares of FARO Technologies from $50.00 to $40.00 in a report on Thursday, August 4th. Finally, StockNews.com began coverage on shares of FARO Technologies in a report on Wednesday, October 12th. They issued a “hold” rating for the company.

FARO Technologies Company Profile

(Get Rating)
FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions in North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific. 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 quickly and accurate position components; and FARO Laser Scanning Portfolio to measure and collect a cloud of data points.

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