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Shares of FARO Technologies Under Pressure, Down 1.9%

Published on Fri, 09/06/2013 - 11:20
By Adrienne Chilton

FARO Technologies (NASDAQ:FARO), a company whose shares are moving quickly, is trading 1.9% lower to $37.86. The S&P is currently trading fractionally higher to 1,658 and the Dow Jones Industrial Average is trading fractionally lower to 14,933.

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 $37.86, 22% 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 advanced 0.8%.

Potential upside of 6.5% exists for FARO Technologies, based on a current level of $37.86 and analysts' average consensus price target of $40.33. The stock should discover initial support at its 50-day moving average (MA) of $37.23 and subsequent support at its 200-day MA of $36.89.

By Adrienne Chilton