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FARO Technologies (NASDAQ:FARO) shares rose 12% during mid-day trading on Wednesday following a better than expected earnings announcement, AnalystRatingsNetwork.com reports. The stock traded as high as $52.25 and last traded at $52.17, with a volume of 101,871 shares trading hands. The stock had previously closed at $46.60.

The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. The company had revenue of $82.10 million for the quarter, compared to the consensus estimate of $77.55 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 20.2% on a year-over-year basis.

FARO has been the subject of a number of recent research reports. Analysts at Wedbush upgraded shares of FARO Technologies to a “buy” rating in a research note on Thursday, June 5th. Separately, analysts at Needham & Company LLC upgraded shares of FARO Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. They now have a $50.00 price target on the stock. Finally, analysts at Gabelli upgraded shares of FARO Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $52.95.

The stock has a 50-day moving average of $47.01 and a 200-day moving average of $49.14. The company has a market cap of $896.5 million and a P/E ratio of 36.69.

FARO Technologies, Inc designs, develops, manufactures, markets and supports portable, software driven, three-dimensional (NASDAQ:FARO) measurement and imaging systems used in a range of manufacturing, industrial, building construction and forensic applications.

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