Invenomic Capital Management LP Increases Stock Holdings in FARO Technologies, Inc. (NASDAQ:FARO)

Invenomic Capital Management LP lifted its stake in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 23.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 396,830 shares of the scientific and technical instruments company’s stock after buying an additional 74,631 shares during the period. Invenomic Capital Management LP owned about 2.10% of FARO Technologies worth $7,595,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quarry LP boosted its position in FARO Technologies by 912.2% in the second quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 1,651 shares during the last quarter. CWM LLC boosted its position in FARO Technologies by 343.6% in the second quarter. CWM LLC now owns 2,360 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 1,828 shares during the last quarter. SG Americas Securities LLC purchased a new position in FARO Technologies in the third quarter worth $141,000. Dynamic Technology Lab Private Ltd purchased a new position in FARO Technologies in the third quarter worth $213,000. Finally, American Century Companies Inc. boosted its position in FARO Technologies by 16.7% in the second quarter. American Century Companies Inc. now owns 20,903 shares of the scientific and technical instruments company’s stock worth $334,000 after purchasing an additional 2,993 shares during the last quarter. Hedge funds and other institutional investors own 97.19% of the company’s stock.

Insider Activity at FARO Technologies

In other news, CEO Peter James Lau sold 5,435 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $16.67, for a total value of $90,601.45. Following the completion of the transaction, the chief executive officer now owns 133,975 shares of the company’s stock, valued at approximately $2,233,363.25. This represents a 3.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by company insiders.

FARO Technologies Stock Up 1.2 %

Shares of FARO stock opened at $26.57 on Tuesday. FARO Technologies, Inc. has a 1-year low of $13.52 and a 1-year high of $28.04. The business has a 50-day moving average of $21.12 and a 200 day moving average of $18.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Needham & Company LLC boosted their price objective on FARO Technologies from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Craig Hallum boosted their target price on FARO Technologies from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, StockNews.com upgraded FARO Technologies from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 12th.

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.