Hedge Funds Are Crazy About FARO Technologies, Inc. (FARO)

With a general bullishness amongst the heavyweights, specific money managers have been driving this bullishness. AQR Capital Management established the largest position in FARO Technologies, Inc. (NASDAQ:FARO). According to regulatory filings, the fund had $5.2 million invested in the company at the end of the quarter. D. E. Shaw’s D E Shaw also made a $0.8 million investment in the stock during the quarter. The other funds with brand new FARO positions are Josh Goldberg’s G2 Investment Partners Management, Glenn Russell Dubin’s Highbridge Capital Management, and Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.

Let’s go over hedge fund activity in other stocks similar to FARO Technologies, Inc. (NASDAQ:FARO). We will take a look at Cryolife Inc (NYSE:CRY), CBIZ, Inc. (NYSE:CBZ), EZCORP Inc (NASDAQ:EZPW), and Farmer Brothers Co. (NASDAQ:FARM). All of these stocks’ market caps are similar to FARO’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $78 million. That figure was $51 million in FARO’s case. CBIZ, Inc. (NYSE:CBZ) is the most popular stock in this table. On the other hand Farmer Brothers Co. (NASDAQ:FARM) is the least popular one with only 12 bullish hedge fund positions. FARO Technologies, Inc. (NASDAQ:FARO) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CBZ might be a better candidate to consider taking a long position in.

Disclosure: None