FARO Technologies (NASDAQ:FARO) Sets New 52-Week High – Still a Buy?

FARO Technologies, Inc. (NASDAQ:FARO) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $42.67 and last traded at $42.60, with a volume of 172200 shares trading hands. The stock had previously closed at $42.43.

Wall Street Analysts Forecast Growth

FARO has been the topic of a number of research analyst reports. Needham & Company LLC downgraded shares of FARO Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, May 7th. Wall Street Zen started coverage on shares of FARO Technologies in a report on Friday, May 16th. They issued a “buy” rating on the stock. Finally, Craig Hallum downgraded shares of FARO Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, May 6th.

FARO Technologies Stock Up 0.4%

The firm’s 50 day simple moving average is $34.40 and its 200 day simple moving average is $30.49. The company has a market cap of $819.12 million, a price-to-earnings ratio of -121.81 and a beta of 1.63. The company has a quick ratio of 1.83, a current ratio of 2.17 and a debt-to-equity ratio of 0.27.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Quarry LP acquired a new stake in FARO Technologies in the fourth quarter worth about $25,000. National Bank of Canada FI bought a new stake in shares of FARO Technologies during the 4th quarter worth about $55,000. Lazard Asset Management LLC acquired a new stake in shares of FARO Technologies in the 4th quarter worth approximately $78,000. Covestor Ltd bought a new position in shares of FARO Technologies in the fourth quarter valued at approximately $111,000. Finally, Aquatic Capital Management LLC acquired a new position in shares of FARO Technologies during the fourth quarter valued at approximately $155,000. 97.19% of the stock is owned by institutional investors and hedge funds.

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.