Fox Factory (NASDAQ:FOXF) Sets New 1-Year Low on Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF) hit a new 52-week low during mid-day trading on Wednesday after Stifel Nicolaus lowered their price target on the stock from $56.00 to $45.00. Stifel Nicolaus currently has a hold rating on the stock. Fox Factory traded as low as $39.90 and last traded at $39.99, with a volume of 72353 shares. The stock had previously closed at $40.64.

Several other equities analysts have also commented on the stock. Bank of America lowered shares of Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research report on Friday, February 23rd. StockNews.com lowered shares of Fox Factory from a “hold” rating to a “sell” rating in a report on Monday, February 26th. Finally, Truist Financial lowered their price target on shares of Fox Factory from $90.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $66.00.

Institutional Trading of Fox Factory

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in shares of Fox Factory during the 3rd quarter worth $1,950,000. Bank of New York Mellon Corp increased its position in Fox Factory by 1.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 440,251 shares of the company’s stock worth $43,620,000 after purchasing an additional 4,607 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Fox Factory by 26.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,065 shares of the company’s stock worth $700,000 after purchasing an additional 1,485 shares in the last quarter. Strs Ohio boosted its holdings in Fox Factory by 10.5% in the 3rd quarter. Strs Ohio now owns 4,200 shares of the company’s stock worth $416,000 after acquiring an additional 400 shares during the period. Finally, Advisor Partners II LLC purchased a new position in Fox Factory in the 3rd quarter worth approximately $224,000.

Fox Factory Stock Performance

The stock has a market cap of $1.65 billion, a PE ratio of 13.69, a PEG ratio of 3.42 and a beta of 1.64. The stock has a fifty day simple moving average of $49.75 and a two-hundred day simple moving average of $62.16. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.91 and a current ratio of 3.70.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.34). The firm had revenue of $332.50 million for the quarter, compared to the consensus estimate of $327.07 million. Fox Factory had a return on equity of 13.86% and a net margin of 8.25%. The business’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.43 earnings per share. Equities analysts anticipate that Fox Factory Holding Corp. will post 2.42 EPS for the current fiscal year.

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.