FARO Technologies (NASDAQ:FARO) Trading Down 5% – Here’s What Happened

FARO Technologies, Inc. (NASDAQ:FARO)’s share price fell 5% during trading on Friday . The company traded as low as $28.08 and last traded at $27.98. 239,821 shares traded hands during mid-day trading, an increase of 42% from the average session volume of 168,833 shares. The stock had previously closed at $29.46.

Wall Street Analyst Weigh In

A number of research firms have commented on FARO. Needham & Company LLC raised their target price on FARO Technologies from $34.00 to $37.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Craig Hallum raised their target price on FARO Technologies from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, StockNews.com downgraded FARO Technologies from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 16th.

FARO Technologies Trading Down 4.2 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17. The stock has a market cap of $535.48 million, a PE ratio of -80.60 and a beta of 1.55. The business has a 50-day moving average of $29.86 and a 200 day moving average of $24.87.

FARO Technologies (NASDAQ:FARO) last posted its quarterly earnings results on Monday, February 24th. The scientific and technical instruments company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.40 by $0.10. The company had revenue of $93.54 million during the quarter, compared to analysts’ expectations of $91.40 million. FARO Technologies had a negative return on equity of 2.49% and a negative net margin of 1.87%. During the same quarter in the previous year, the business earned $0.36 EPS.

Insider Buying and Selling at FARO Technologies

In other news, CEO Peter James Lau sold 4,617 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $29.30, for a total transaction of $135,278.10. Following the completion of the sale, the chief executive officer now owns 160,076 shares in the company, valued at approximately $4,690,226.80. The trade was a 2.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Yuval Wasserman sold 5,658 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $31.35, for a total value of $177,378.30. Following the sale, the director now owns 153,512 shares of the company’s stock, valued at $4,812,601.20. The trade was a 3.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,755 shares of company stock worth $356,020 in the last 90 days. 2.10% of the stock is owned by company insiders.

Institutional Trading of FARO Technologies

A number of institutional investors have recently modified their holdings of FARO. Quest Partners LLC grew its holdings in shares of FARO Technologies by 196.7% during the 3rd quarter. Quest Partners LLC now owns 31,622 shares of the scientific and technical instruments company’s stock worth $605,000 after purchasing an additional 20,963 shares during the period. Charles Schwab Investment Management Inc. lifted its position in FARO Technologies by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 222,559 shares of the scientific and technical instruments company’s stock worth $4,260,000 after acquiring an additional 10,228 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in FARO Technologies during the 3rd quarter worth approximately $213,000. Harvey Partners LLC lifted its position in FARO Technologies by 17.8% during the 3rd quarter. Harvey Partners LLC now owns 1,006,000 shares of the scientific and technical instruments company’s stock worth $19,255,000 after acquiring an additional 152,000 shares in the last quarter. Finally, Invenomic Capital Management LP lifted its position in FARO Technologies by 23.2% during the 3rd quarter. Invenomic Capital Management LP now owns 396,830 shares of the scientific and technical instruments company’s stock worth $7,595,000 after acquiring an additional 74,631 shares in the last quarter. Hedge funds and other institutional investors 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.