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ARK Investment Management LLC Sells 85,887 Shares of FARO Technologies, Inc. (NASDAQ:FARO)

FARO Technologies logo with Computer and Technology background

Key Points

  • ARK Investment Management LLC reduced its stake in FARO Technologies by 46.8%, now holding 97,767 shares valued at approximately $2.67 million.
  • Other institutional investors have shown significant activity, with Dimensional Fund Advisors LP increasing its holdings by 9.1% and several firms acquiring new stakes in the company.
  • Research firm ratings for FARO Technologies have shifted, with Needham & Company and Craig Hallum both downgrading their ratings from "buy" to "hold."
  • MarketBeat previews the top five stocks to own by September 1st.

ARK Investment Management LLC reduced its position in FARO Technologies, Inc. (NASDAQ:FARO - Free Report) by 46.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,767 shares of the scientific and technical instruments company's stock after selling 85,887 shares during the quarter. ARK Investment Management LLC owned about 0.51% of FARO Technologies worth $2,669,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in FARO. Quarry LP acquired a new position in shares of FARO Technologies during the fourth quarter worth about $25,000. National Bank of Canada FI bought a new stake in FARO Technologies in the 4th quarter valued at about $55,000. Lazard Asset Management LLC acquired a new position in shares of FARO Technologies in the 4th quarter worth approximately $78,000. Covestor Ltd acquired a new position in shares of FARO Technologies in the fourth quarter worth about $111,000. Finally, Aquatic Capital Management LLC bought a new position in shares of FARO Technologies in the fourth quarter valued at approximately $155,000. 97.19% of the stock is owned by hedge funds and other institutional investors.

FARO Technologies Price Performance

FARO stock remained flat at $43.99 on Wednesday. The firm has a market capitalization of $849.89 million, a price-to-earnings ratio of -879.80 and a beta of 1.63. The firm's 50 day moving average price is $43.33 and its two-hundred day moving average price is $34.80. The company has a quick ratio of 2.01, a current ratio of 2.31 and a debt-to-equity ratio of 0.27. FARO Technologies, Inc. has a twelve month low of $13.52 and a twelve month high of $44.06.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Craig Hallum cut FARO Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Needham & Company LLC lowered FARO Technologies from a "buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen began coverage on FARO Technologies in a research note on Friday, May 16th. They issued a "buy" rating for the company.

Get Our Latest Report on FARO Technologies

FARO Technologies Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for FARO Technologies (NASDAQ:FARO)

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