Fox Factory (NASDAQ:FOXF) Trading 9.1% Higher After Earnings Beat

Fox Factory Holding Corp. (NASDAQ:FOXF)’s share price traded up 9.1% on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $44.91 and last traded at $43.00. 241,357 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 609,605 shares. The stock had previously closed at $39.42.

The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.10. The business had revenue of $333.50 million for the quarter, compared to analysts’ expectations of $327.58 million. Fox Factory had a return on equity of 10.50% and a net margin of 5.41%. The business’s revenue was down 16.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 earnings per share.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FOXF. B. Riley cut their price objective on shares of Fox Factory from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Friday. Robert W. Baird dropped their price objective on Fox Factory from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Friday. Stifel Nicolaus reduced their target price on Fox Factory from $56.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, April 24th. StockNews.com lowered Fox Factory from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Finally, Roth Mkm cut their price objective on Fox Factory from $55.00 to $45.00 and set a “neutral” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $48.00.

Institutional Investors Weigh In On Fox Factory

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in Fox Factory by 1.1% in the third quarter. Bank of New York Mellon Corp now owns 440,251 shares of the company’s stock valued at $43,620,000 after acquiring an additional 4,607 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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 buying an additional 1,485 shares during the period. Strs Ohio lifted 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 buying an additional 400 shares in the last quarter. Advisor Partners II LLC purchased a new position in Fox Factory in the 3rd quarter valued at about $224,000. Finally, Park Avenue Securities LLC acquired a new stake in shares of Fox Factory during the third quarter valued at about $302,000.

Fox Factory Stock Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 3.70 and a quick ratio of 1.91. The stock has a 50-day moving average price of $46.45 and a 200-day moving average price of $59.53. The firm has a market capitalization of $1.83 billion, a PE ratio of 24.31, a price-to-earnings-growth ratio of 3.32 and a beta of 1.68.

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.