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

FARO Technologies, Inc. (NASDAQ:FARO) was the recipient of a significant decline in short interest in August. As of August 15th, there was short interest totalling 1,650,000 shares, a decline of 5.2% from the July 31st total of 1,740,000 shares. Based on an average trading volume of 155,200 shares, the short-interest ratio is currently 10.6 days.

Wall Street Analyst Weigh In

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

FARO Technologies Stock Performance

FARO opened at $17.35 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.33 and a quick ratio of 2.01. The business’s 50-day moving average price is $16.48 and its two-hundred day moving average price is $18.45. The company has a market capitalization of $333.22 million, a price-to-earnings ratio of -7.71 and a beta of 1.25. FARO Technologies has a 1 year low of $12.34 and a 1 year high of $24.80.

FARO Technologies (NASDAQ:FARO) last released its earnings results on Thursday, August 8th. The scientific and technical instruments company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.14. The business had revenue of $82.09 million for the quarter. FARO Technologies had a negative return on equity of 5.72% and a negative net margin of 4.25%.

Insiders Place Their Bets

In other FARO Technologies news, Chairman Yuval Wasserman sold 8,986 shares of FARO Technologies stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $18.65, for a total transaction of $167,588.90. Following the transaction, the chairman now directly owns 202,835 shares in the company, valued at $3,782,872.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 30,036 shares of company stock worth $518,303. Corporate insiders own 2.10% of the company’s stock.

Institutional Trading of FARO Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. G2 Investment Partners Management LLC acquired a new position in FARO Technologies during the fourth quarter worth approximately $3,423,000. Vanguard Group Inc. increased its position in FARO Technologies by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 1,589,519 shares of the scientific and technical instruments company’s stock worth $34,191,000 after buying an additional 64,095 shares during the period. Swedbank AB acquired a new stake in shares of FARO Technologies during the first quarter worth $3,226,000. Acadian Asset Management LLC boosted its position in shares of FARO Technologies by 136.2% in the first quarter. Acadian Asset Management LLC now owns 169,882 shares of the scientific and technical instruments company’s stock valued at $3,653,000 after acquiring an additional 97,969 shares during the period. Finally, Kennedy Capital Management LLC increased its position in FARO Technologies by 105.1% during the first quarter. Kennedy Capital Management LLC now owns 437,589 shares of the scientific and technical instruments company’s stock worth $9,413,000 after acquiring an additional 224,273 shares during the period. Institutional investors and hedge funds own 97.19% of the company’s stock.

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.