Fox Factory (NASDAQ:FOXF) Shares Down 3.5% Following Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF)’s stock price fell 3.5% during mid-day trading on Monday after Truist Financial lowered their price target on the stock from $40.00 to $24.00. Truist Financial currently has a buy rating on the stock. Fox Factory traded as low as $19.00 and last traded at $19.13. 47,946 shares were traded during mid-day trading, a decline of 92% from the average session volume of 614,898 shares. The stock had previously closed at $19.81.

FOXF has been the topic of several other reports. Stifel Nicolaus dropped their price target on Fox Factory from $40.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Jefferies Financial Group dropped their target price on shares of Fox Factory from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, Robert W. Baird reduced their price target on shares of Fox Factory from $32.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, April 4th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Fox Factory currently has a consensus rating of “Hold” and a consensus target price of $35.00.

Institutional Trading of Fox Factory

Several institutional investors have recently made changes to their positions in FOXF. GAMMA Investing LLC boosted its stake in shares of Fox Factory by 254.1% in the 1st quarter. GAMMA Investing LLC now owns 1,696 shares of the company’s stock worth $40,000 after buying an additional 1,217 shares during the last quarter. Portside Wealth Group LLC increased its position in shares of Fox Factory by 23.7% during the 1st quarter. Portside Wealth Group LLC now owns 14,625 shares of the company’s stock valued at $341,000 after purchasing an additional 2,805 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Fox Factory by 102.4% during the 1st quarter. Parallel Advisors LLC now owns 5,146 shares of the company’s stock worth $120,000 after purchasing an additional 2,604 shares during the period. Versant Capital Management Inc boosted its holdings in shares of Fox Factory by 142.8% in the 1st quarter. Versant Capital Management Inc now owns 1,372 shares of the company’s stock worth $32,000 after buying an additional 807 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Fox Factory by 5.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 72,410 shares of the company’s stock valued at $2,192,000 after buying an additional 3,772 shares during the period.

Fox Factory Price Performance

The company has a debt-to-equity ratio of 0.62, a current ratio of 3.21 and a quick ratio of 1.62. The firm has a market cap of $814.64 million, a PE ratio of 75.12, a P/E/G ratio of 1.45 and a beta of 1.56. The business’s fifty day moving average is $24.44 and its 200-day moving average is $29.84.

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