NEW YORK (

TheStreet

) -- Shares of

Faro Technologies

(Nasdaq:

FARO

) were gapping up Wednesday morning with an open price 19.6% higher than Tuesday's closing price. The stock closed at $41.71 Tuesday and opened today's trading at $49.89.

The average volume for Faro has been 97,900 shares per day over the past 30 days. Faro has a market cap of $680 million and is part of the

technology

sector and

electronics

industry. Shares are up 27% year to date as of the close of trading on Tuesday.

FARO Technologies, Inc. designs, develops, manufactures, markets, and supports portable, software driven, three-D measurement systems used in a range of manufacturing, industrial, building construction, and forensic applications. The company has a P/E ratio of 55.5, equal to the average electronics industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

TheStreet Recommends

TheStreet Ratings rates Faro as a

buy

. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full

Faro Ratings Report

.

Get more investment ideas from our

investment research center

.

Interested in other stocks that are gapping up? Get free SMS text alerts sent to you when the action happens by texting

UP

to 95370 or select from

multiple alert options

.

null