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Shares of FARO Technologies Receive a Boost, Up 1.8%

Published on Wed, 06/19/2013 - 10:40
By Mallory Stone

One of today's notable stocks on the rise is FARO Technologies (NASDAQ:FARO), up 1.8% to $35.09. The S&P is currently trading fractionally lower to 1,650 and the Dow Jones Industrial Average is trading fractionally lower to 15,305.

FARO Technologies, Inc. designs, develops, and markets software and portable, computerized measurement devices. The Company's products allow manufacturers to perform three-dimensional inspections of parts and assemblies on the shop floor. This helps eliminate manufacturing errors, and thereby increases productivity for a variety of industries in FARO's worldwide customer base.

In the past 52 weeks, FARO Technologies share prices have been bracketed by a low of $31.10 and a high of $45.88 and are now at $35.09, 13% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

Potential upside of 14.7% exists for FARO Technologies, based on a current level of $35.09 and analysts' average consensus price target of $40.25. The stock should run into initial resistance at its 50-day moving average (MA) of $36.43 and subsequent resistance at its 200-day MA of $37.67.

By Mallory Stone