Fox Factory (NASDAQ:FOXF) Shares Gap Up Following Earnings Beat

Fox Factory Holding Corp. (NASDAQ:FOXF) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $25.48, but opened at $28.03. Fox Factory shares last traded at $27.90, with a volume of 97,723 shares traded.

The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. The company had revenue of $352.84 million during the quarter, compared to the consensus estimate of $321.31 million.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FOXF shares. Robert W. Baird dropped their target price on shares of Fox Factory from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday. Roth Mkm cut their target price on Fox Factory from $45.00 to $36.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Truist Financial lowered their target price on Fox Factory from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Stifel Nicolaus raised shares of Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Wednesday, December 11th. Finally, StockNews.com upgraded shares of Fox Factory from a “sell” rating to a “hold” rating in a report on Thursday, November 28th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $39.33.

Hedge Funds Weigh In On Fox Factory

Institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its holdings in shares of Fox Factory by 6,413.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,352,242 shares of the company’s stock valued at $40,932,000 after buying an additional 1,331,480 shares during the last quarter. RWWM Inc. lifted its position in Fox Factory by 174.0% in the 4th quarter. RWWM Inc. now owns 1,997,531 shares of the company’s stock valued at $60,465,000 after acquiring an additional 1,268,460 shares in the last quarter. Nantahala Capital Management LLC acquired a new position in Fox Factory during the 4th quarter valued at about $19,252,000. William Blair Investment Management LLC increased its holdings in Fox Factory by 17.1% during the 4th quarter. William Blair Investment Management LLC now owns 2,983,482 shares of the company’s stock worth $90,310,000 after purchasing an additional 434,998 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Fox Factory by 722.1% in the fourth quarter. Millennium Management LLC now owns 391,403 shares of the company’s stock worth $11,848,000 after purchasing an additional 343,793 shares during the last quarter.

Fox Factory Trading Up 9.5 %

The stock has a market capitalization of $1.16 billion, a PE ratio of 107.37, a P/E/G ratio of 1.45 and a beta of 1.58. 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 firm has a 50 day moving average price of $27.88 and a 200 day moving average price of $33.83.

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.