Fox Factory (NASDAQ:FOXF) Shares Down 7.3% – Here’s Why

Fox Factory Holding Corp. (NASDAQ:FOXF) traded down 7.3% on Friday . The stock traded as low as $24.02 and last traded at $23.86. 142,627 shares were traded during trading, a decline of 78% from the average session volume of 637,248 shares. The stock had previously closed at $25.74.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Truist Financial reduced their price target on Fox Factory from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Robert W. Baird reduced 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, February 28th. Stifel Nicolaus upgraded shares of Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Wednesday, December 11th. Finally, Jefferies Financial Group reduced their price objective on shares of Fox Factory from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $39.14.

Fox Factory Trading Down 5.7 %

The company has a market cap of $1.01 billion, a price-to-earnings ratio of 93.31, a PEG ratio of 1.45 and a beta of 1.65. 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 business’s fifty day simple moving average is $26.42 and its two-hundred day simple moving average is $31.71.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings results on Thursday, February 27th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.29 by $0.02. Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. The firm had revenue of $352.84 million for the quarter, compared to analyst estimates of $321.31 million. On average, equities analysts predict that Fox Factory Holding Corp. will post 1.31 EPS for the current year.

Institutional Trading of Fox Factory

A number of large investors have recently made changes to their positions in FOXF. Intech Investment Management LLC acquired a new stake in shares of Fox Factory in the third quarter valued at approximately $541,000. Charles Schwab Investment Management Inc. boosted its stake in Fox Factory by 7.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 549,635 shares of the company’s stock worth $22,810,000 after purchasing an additional 37,325 shares during the period. FMR LLC grew its position in Fox Factory by 65.8% during the 3rd quarter. FMR LLC now owns 7,674 shares of the company’s stock worth $318,000 after purchasing an additional 3,045 shares during the last quarter. FORA Capital LLC increased its stake in Fox Factory by 5.9% in the third quarter. FORA Capital LLC now owns 9,117 shares of the company’s stock valued at $378,000 after purchasing an additional 507 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Fox Factory by 7.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,972 shares of the company’s stock valued at $455,000 after buying an additional 785 shares during the last quarter.

About Fox Factory

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.