Short Interest in FARO Technologies, Inc. (NASDAQ:FARO) Increases By 36.9%

FARO Technologies, Inc. (NASDAQ:FARO - Get Free Report) was the recipient of a significant growth in short interest in May. As of May 15th, there was short interest totalling 1,520,000 shares, a growth of 36.9% from the April 30th total of 1,110,000 shares. Approximately 8.2% of the company's stock are sold short. Based on an average daily volume of 619,900 shares, the days-to-cover ratio is presently 2.5 days.

Insider Activity at FARO Technologies

In other news, CEO Peter James Lau sold 4,617 shares of the company's stock in a transaction that occurred on 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 $4,690,226.80. This represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Matthew Horwath sold 1,480 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $29.30, for a total value of $43,364.00. Following the sale, the chief financial officer now owns 39,430 shares of the company's stock, valued at $1,155,299. This trade represents a 3.62% decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate insiders.

Institutional Trading of FARO Technologies

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its stake in FARO Technologies by 13.1% in the 4th quarter. SG Americas Securities LLC now owns 8,345 shares of the scientific and technical instruments company's stock worth $212,000 after buying an additional 966 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in FARO Technologies in the 4th quarter worth about $78,000. Rhumbline Advisers boosted its stake in FARO Technologies by 4.5% in the 4th quarter. Rhumbline Advisers now owns 31,279 shares of the scientific and technical instruments company's stock worth $793,000 after buying an additional 1,333 shares during the last quarter. Hodges Capital Management Inc. acquired a new stake in FARO Technologies in the 4th quarter worth about $3,144,000. Finally, Wells Fargo & Company MN raised its holdings in shares of FARO Technologies by 27.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,307 shares of the scientific and technical instruments company's stock worth $312,000 after purchasing an additional 2,672 shares during the period. 97.19% of the stock is owned by institutional investors and hedge funds.

FARO Technologies Price Performance

Shares of FARO traded up $0.05 during trading hours on Tuesday, reaching $42.46. 589,848 shares of the company traded hands, compared to its average volume of 297,703. The company has a quick ratio of 1.83, a current ratio of 2.17 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $816.34 million, a PE ratio of -121.31 and a beta of 1.49. FARO Technologies has a fifty-two week low of $13.52 and a fifty-two week high of $42.64. The stock has a fifty day simple moving average of $32.93 and a 200 day simple moving average of $29.92.

Wall Street Analysts Forecast Growth

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

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.