Fox Factory (NASDAQ:FOXF) Given New $43.00 Price Target at Bank of America

Fox Factory (NASDAQ:FOXF) had its price target reduced by Bank of America from $53.00 to $43.00 in a research note released on Thursday morning, Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other research analysts have also issued research reports about the stock. B. Riley lowered their price target on shares of Fox Factory from $50.00 to $45.00 and set a neutral rating for the company in a report on Friday, August 2nd. Truist Financial cut their price objective on shares of Fox Factory from $55.00 to $54.00 and set a buy rating on the stock in a research report on Friday, August 2nd. Finally, Robert W. Baird dropped their price target on Fox Factory from $48.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $46.17.

Fox Factory Price Performance

FOXF stock opened at $39.39 on Thursday. The company has a 50 day simple moving average of $43.30 and a 200 day simple moving average of $45.39. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 22.01, a P/E/G ratio of 2.48 and a beta of 1.63. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.13 and a quick ratio of 1.63. Fox Factory has a 1 year low of $34.56 and a 1 year high of $105.38.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. The business had revenue of $348.49 million during the quarter, compared to analyst estimates of $346.22 million. Fox Factory had a net margin of 3.07% and a return on equity of 7.66%. The firm’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter last year, the business earned $1.21 EPS. Research analysts anticipate that Fox Factory will post 1.56 EPS for the current fiscal year.

Insider Transactions at Fox Factory

In related news, CEO Michael C. Dennison bought 4,800 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were bought at an average price of $41.44 per share, for a total transaction of $198,912.00. Following the completion of the acquisition, the chief executive officer now directly owns 135,066 shares of the company’s stock, valued at $5,597,135.04. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fox Factory

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Quest Partners LLC purchased a new stake in Fox Factory during the fourth quarter worth about $31,000. YHB Investment Advisors Inc. purchased a new stake in shares of Fox Factory during the 1st quarter valued at approximately $42,000. TFO Wealth Partners LLC boosted its holdings in shares of Fox Factory by 14,180.0% in the fourth quarter. TFO Wealth Partners LLC now owns 714 shares of the company’s stock worth $48,000 after acquiring an additional 709 shares during the period. Fifth Third Bancorp raised its stake in shares of Fox Factory by 26.5% during the 2nd quarter. Fifth Third Bancorp now owns 1,245 shares of the company’s stock valued at $60,000 after purchasing an additional 261 shares during the period. Finally, Covestor Ltd lifted its holdings in Fox Factory by 31.8% during the 1st quarter. Covestor Ltd now owns 1,518 shares of the company’s stock worth $79,000 after purchasing an additional 366 shares in the last quarter.

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.