Faro Technologies Inc. (FARO) Sees Large Volume Increase
Faro Technologies Inc. (NASDAQ:FARO) shares saw strong trading volume on Monday . 181,467 shares traded hands during mid-day trading, an increase of 60% from the previous session’s volume of 113,338 shares.The stock last traded at $33.75 and had previously closed at $32.94.
A number of equities research analysts have commented on the company. Zacks Investment Research downgraded Faro Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 27th. Noble Financial raised Faro Technologies from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research note on Thursday, May 5th. FBR & Co reaffirmed a “market perform” rating and set a $34.00 price target on shares of Faro Technologies in a research note on Wednesday, May 11th. Canaccord Genuity reaffirmed a “buy” rating and set a $38.00 price target on shares of Faro Technologies in a research note on Wednesday, May 4th. Finally, Needham & Company LLC lifted their price target on Faro Technologies from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, May 5th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Faro Technologies presently has a consensus rating of “Hold” and an average target price of $37.14.
The company has a market capitalization of $562.47 million and a PE ratio of 37.96. The company has a 50 day moving average price of $34.87 and a 200-day moving average price of $30.65.
Faro Technologies (NASDAQ:FARO) last issued its quarterly earnings data on Tuesday, May 3rd. The company reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.15. During the same quarter in the previous year, the company earned $0.04 earnings per share. The company had revenue of $75.70 million for the quarter, compared to the consensus estimate of $71.74 million. Faro Technologies’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities analysts expect that Faro Technologies Inc. will post $1.25 earnings per share for the current year.
In other Faro Technologies news, Director Stephen Cole purchased 5,000 shares of the firm’s stock in a transaction dated Friday, May 6th. The stock was bought at an average price of $33.80 per share, with a total value of $169,000.00. Following the completion of the purchase, the director now owns 19,196 shares in the company, valued at approximately $648,824.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Several hedge funds and institutional investors have added to or reduced their stakes in FARO. Kornitzer Capital Management Inc. KS boosted its position in Faro Technologies by 14.0% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 97,514 shares of the company’s stock valued at $2,879,000 after buying an additional 12,000 shares during the last quarter. Strs Ohio boosted its position in Faro Technologies by 31.3% in the fourth quarter. Strs Ohio now owns 105,000 shares of the company’s stock valued at $3,099,000 after buying an additional 25,000 shares during the last quarter. Comerica Bank boosted its position in Faro Technologies by 20.9% in the fourth quarter. Comerica Bank now owns 48,699 shares of the company’s stock valued at $1,195,000 after buying an additional 8,432 shares during the last quarter. Royce & Associates LLC boosted its position in Faro Technologies by 13.3% in the fourth quarter. Royce & Associates LLC now owns 661,400 shares of the company’s stock valued at $19,525,000 after buying an additional 77,800 shares during the last quarter. Finally, Morgan Stanley boosted its position in Faro Technologies by 47.2% in the fourth quarter. Morgan Stanley now owns 293,034 shares of the company’s stock valued at $8,650,000 after buying an additional 93,987 shares during the last quarter.
FARO Technologies, Inc designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging and realization systems. The Company operates in three segments: Americas, Europe/Africa and Asia-Pacific. The Company sells its products through a direct sales force across a number of customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications.
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