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

FARO Technologies, Inc. (NASDAQ:FARO) was the target of a significant growth in short interest in the month of February. As of February 29th, there was short interest totalling 1,540,000 shares, a growth of 7.7% from the February 14th total of 1,430,000 shares. Based on an average daily volume of 236,600 shares, the days-to-cover ratio is currently 6.5 days.

FARO Technologies Stock Up 1.1 %

FARO Technologies stock opened at $20.33 on Tuesday. The company has a current ratio of 2.31, a quick ratio of 2.00 and a debt-to-equity ratio of 0.27. The firm’s fifty day moving average price is $21.82 and its two-hundred day moving average price is $18.75. FARO Technologies has a 1-year low of $10.30 and a 1-year high of $25.23. The firm has a market capitalization of $385.66 million, a price-to-earnings ratio of -6.80 and a beta of 1.41.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other FARO Technologies news, VP Jeffrey D. Sexton sold 1,500 shares of the firm’s stock in a transaction 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 directly owns 27,706 shares in the company, valued at $555,782.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of FARO Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. bought a new stake in FARO Technologies in the second quarter worth about $26,000. Tower Research Capital LLC TRC grew its stake in FARO Technologies by 114.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,503 shares of the scientific and technical instruments company’s stock worth $41,000 after buying an additional 1,335 shares in the last quarter. Royal Bank of Canada grew its stake in FARO Technologies by 241.7% in the 2nd quarter. Royal Bank of Canada now owns 4,183 shares of the scientific and technical instruments company’s stock worth $68,000 after buying an additional 2,959 shares in the last quarter. Acadian Asset Management LLC purchased a new position in FARO Technologies in the 2nd quarter worth approximately $70,000. Finally, Captrust Financial Advisors grew its stake in FARO Technologies by 29.7% in the 1st quarter. Captrust Financial Advisors now owns 1,985 shares of the scientific and technical instruments company’s stock worth $103,000 after buying an additional 455 shares in the last quarter. Institutional investors own 96.56% of the company’s stock.

About FARO Technologies

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.