Fox Factory (NASDAQ:FOXF) Sets New 12-Month Low Following Analyst Downgrade

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF) reached a new 52-week low on Wednesday after Truist Financial lowered their price target on the stock from $42.00 to $40.00. Truist Financial currently has a buy rating on the stock. Fox Factory traded as low as $28.28 and last traded at $28.41, with a volume of 39976 shares traded. The stock had previously closed at $29.61.

Several other research firms have also issued reports on FOXF. Stifel Nicolaus raised shares of Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Wednesday, December 11th. Robert W. Baird dropped their price target on Fox Factory from $45.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. StockNews.com upgraded shares of Fox Factory from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Roth Mkm reduced their price target on shares of Fox Factory from $45.00 to $36.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Finally, Bank of America decreased their price objective on Fox Factory from $53.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $40.33.

Hedge Funds Weigh In On Fox Factory

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in shares of Fox Factory by 86.0% during the 3rd quarter. GAMMA Investing LLC now owns 599 shares of the company’s stock worth $25,000 after purchasing an additional 277 shares during the last quarter. Signaturefd LLC lifted its position in Fox Factory by 301.1% during the third quarter. Signaturefd LLC now owns 726 shares of the company’s stock valued at $30,000 after acquiring an additional 545 shares during the last quarter. nVerses Capital LLC acquired a new stake in Fox Factory in the third quarter valued at approximately $42,000. KBC Group NV increased its position in shares of Fox Factory by 36.5% during the third quarter. KBC Group NV now owns 1,377 shares of the company’s stock worth $57,000 after purchasing an additional 368 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Fox Factory by 734.6% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,654 shares of the company’s stock worth $128,000 after purchasing an additional 2,336 shares in the last quarter.

Fox Factory Stock Performance

The company has a quick ratio of 1.62, a current ratio of 3.21 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $1.19 billion, a PE ratio of 109.93, a PEG ratio of 2.55 and a beta of 1.60. The business has a 50 day simple moving average of $31.85 and a 200 day simple moving average of $38.89.

Fox Factory (NASDAQ:FOXF) last posted its earnings results on Thursday, October 31st. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). The business had revenue of $359.10 million for the quarter, compared to analyst estimates of $366.86 million. Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 earnings per share. Equities research analysts predict that Fox Factory Holding Corp. will post 1.31 EPS for the current fiscal year.

Fox Factory Company Profile

Fox Factory Holding Corp. designs, engineers, manufactures, and markets performance-defining products and system worldwide. The company offers powered vehicle products for side-by-side vehicles, on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, and specialty vehicles and applications, such as military, motorcycles, and commercial trucks; lift kits and components with shock products and aftermarket accessory packages for trucks; and mid-end and high-end front fork and rear suspension products.