FARO Technologies, Inc. (NASDAQ:FARO) Sees Large Increase in Short Interest

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

Insider Activity at FARO Technologies

In other FARO Technologies news, VP Jeffrey D. Sexton sold 1,500 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $20.06, for a total value of $30,090.00. Following the completion of the sale, the vice president now owns 27,706 shares in the company, valued at approximately $555,782.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in FARO Technologies by 3.1% during the first quarter. Bank of New York Mellon Corp now owns 171,159 shares of the scientific and technical instruments company’s stock valued at $8,887,000 after purchasing an additional 5,071 shares during the last quarter. Citigroup Inc. lifted its position in FARO Technologies by 3.6% during the first quarter. Citigroup Inc. now owns 28,518 shares of the scientific and technical instruments company’s stock valued at $1,480,000 after buying an additional 981 shares during the period. PNC Financial Services Group Inc. lifted its position in FARO Technologies by 15.0% during the first quarter. PNC Financial Services Group Inc. now owns 4,021 shares of the scientific and technical instruments company’s stock valued at $208,000 after buying an additional 523 shares during the period. Bank of Montreal Can raised its position in shares of FARO Technologies by 7.4% in the 1st quarter. Bank of Montreal Can now owns 12,306 shares of the scientific and technical instruments company’s stock worth $672,000 after purchasing an additional 848 shares during the last quarter. Finally, MetLife Investment Management LLC raised its holdings in FARO Technologies by 54.0% in the first quarter. MetLife Investment Management LLC now owns 10,168 shares of the scientific and technical instruments company’s stock worth $528,000 after buying an additional 3,566 shares during the last quarter. Institutional investors own 97.19% of the company’s stock.

Analyst Ratings Changes

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

FARO Technologies Stock Down 2.2 %

FARO Technologies stock opened at $20.87 on Wednesday. The company has a 50 day moving average of $21.81 and a 200-day moving average of $19.20. The company has a quick ratio of 2.00, a current ratio of 2.31 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $395.90 million, a PE ratio of -6.98 and a beta of 1.40. FARO Technologies has a twelve month low of $10.30 and a twelve month high of $25.23.

FARO Technologies (NASDAQ:FARO) last released its quarterly earnings results on Tuesday, February 27th. The scientific and technical instruments company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.31. The business had revenue of $98.84 million for the quarter. FARO Technologies had a negative net margin of 15.77% and a negative return on equity of 20.66%.

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.