FARO Technologies (NASDAQ:FARO) Hits New 52-Week High - Here's What Happened

FARO Technologies, Inc. (NASDAQ:FARO - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $43.99 and last traded at $43.75, with a volume of 646977 shares trading hands. The stock had previously closed at $43.75.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FARO. Needham & Company LLC lowered FARO Technologies from a "buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Wall Street Zen assumed coverage on FARO Technologies in a research note on Friday, May 16th. They issued a "buy" rating on the stock. Finally, Craig Hallum lowered FARO Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th.

FARO Technologies Stock Performance

The stock has a market cap of $849.89 million, a PE ratio of -879.80 and a beta of 1.63. The stock has a fifty day simple moving average of $39.67 and a two-hundred day simple moving average of $32.10. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.01 and a current ratio of 2.31.

Hedge Funds Weigh In On FARO Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. boosted its holdings in FARO Technologies by 237.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,442,512 shares of the scientific and technical instruments company's stock worth $39,381,000 after acquiring an additional 1,014,731 shares during the period. Dimensional Fund Advisors LP boosted its holdings in FARO Technologies by 9.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 744,222 shares of the scientific and technical instruments company's stock worth $18,874,000 after acquiring an additional 62,305 shares during the period. Driehaus Capital Management LLC raised its position in shares of FARO Technologies by 107.4% in the 1st quarter. Driehaus Capital Management LLC now owns 735,269 shares of the scientific and technical instruments company's stock valued at $20,073,000 after purchasing an additional 380,779 shares in the last quarter. Bastion Asset Management Inc. boosted its stake in shares of FARO Technologies by 50.0% during the 1st quarter. Bastion Asset Management Inc. now owns 347,263 shares of the scientific and technical instruments company's stock valued at $9,470,000 after buying an additional 115,740 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of FARO Technologies by 14.2% during the 1st quarter. Acadian Asset Management LLC now owns 255,457 shares of the scientific and technical instruments company's stock valued at $6,972,000 after buying an additional 31,791 shares during the last quarter. Hedge funds and other institutional investors own 97.19% 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.