Short Interest in FARO Technologies, Inc. (NASDAQ:FARO) Declines By 6.9%

FARO Technologies, Inc. (NASDAQ:FAROGet Rating) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 486,100 shares, a decrease of 6.9% from the October 15th total of 522,300 shares. Based on an average trading volume of 108,700 shares, the days-to-cover ratio is currently 4.5 days.

Wall Street Analyst Weigh In

FARO has been the subject of several research analyst reports. DA Davidson decreased their price objective on FARO Technologies from $50.00 to $40.00 in a research report on Thursday, August 4th. Needham & Company LLC decreased their price objective on FARO Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, November 3rd. Finally, StockNews.com started coverage on FARO Technologies in a research report on Wednesday, October 12th. They issued a “hold” rating for the company.

FARO Technologies Stock Performance

FARO opened at $33.71 on Friday. FARO Technologies has a 1-year low of $25.20 and a 1-year high of $78.39. The stock’s fifty day simple moving average is $29.36 and its 200 day simple moving average is $31.54.

Institutional Investors Weigh In On FARO Technologies

Large investors have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC grew its holdings in shares of FARO Technologies by 1,191.9% during the 1st quarter. Quadrant Capital Group LLC now owns 478 shares of the scientific and technical instruments company’s stock worth $25,000 after purchasing an additional 441 shares in the last quarter. KBC Group NV acquired a new stake in FARO Technologies in the second quarter valued at about $48,000. Tower Research Capital LLC TRC boosted its stake in FARO Technologies by 179.4% in the third quarter. Tower Research Capital LLC TRC now owns 1,749 shares of the scientific and technical instruments company’s stock valued at $48,000 after buying an additional 1,123 shares in the last quarter. Captrust Financial Advisors boosted its stake in shares of FARO Technologies by 29.7% during the first quarter. Captrust Financial Advisors now owns 1,985 shares of the scientific and technical instruments company’s stock valued at $103,000 after purchasing an additional 455 shares in the last quarter. Finally, Moisand Fitzgerald Tamayo LLC bought a new position in shares of FARO Technologies during the second quarter worth about $92,000. Institutional investors own 96.70% of the company’s stock.

About FARO Technologies

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FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions in North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific. 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 quickly and accurate position components; and FARO Laser Scanning Portfolio to measure and collect a cloud of data points.

Further Reading

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