Fox Factory Holding Corp. (NASDAQ:FOXF) Sees Large Drop in Short Interest

Fox Factory Holding Corp. (NASDAQ:FOXF) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 3,460,000 shares, a decrease of 9.2% from the August 15th total of 3,810,000 shares. Based on an average daily trading volume, of 603,100 shares, the short-interest ratio is presently 5.7 days. Approximately 8.4% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Robert W. Baird reduced their price objective on shares of Fox Factory from $48.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Bank of America reduced their price objective on shares of Fox Factory from $53.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Truist Financial reduced 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 note on Friday, August 2nd. Finally, B. Riley reduced their price objective on shares of Fox Factory from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.17.

Fox Factory Trading Down 1.2 %

NASDAQ FOXF traded down $0.50 during trading hours on Wednesday, hitting $39.63. 746,836 shares of the company’s stock were exchanged, compared to its average volume of 595,092. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 22.42, a PEG ratio of 2.48 and a beta of 1.63. The stock has a 50-day simple moving average of $43.08 and a 200 day simple moving average of $45.22. The company has a current ratio of 3.13, a quick ratio of 1.63 and a debt-to-equity ratio of 0.61. Fox Factory has a 1-year low of $34.56 and a 1-year high of $104.15.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.35 by $0.03. Fox Factory had a net margin of 3.07% and a return on equity of 7.66%. The company had revenue of $348.49 million during the quarter, compared to the consensus estimate of $346.22 million. During the same quarter last year, the firm posted $1.21 EPS. The company’s quarterly revenue was down 13.0% on a year-over-year basis. On average, equities analysts forecast 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 purchased 4,800 shares of the stock in a transaction dated Tuesday, August 6th. The stock was bought at an average cost of $41.44 per share, for a total transaction of $198,912.00. Following the completion of the acquisition, the chief executive officer now owns 135,066 shares of the company’s stock, valued at $5,597,135.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Fox Factory

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. raised its stake in Fox Factory by 25,005.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,585,136 shares of the company’s stock worth $76,388,000 after buying an additional 1,578,822 shares during the period. William Blair Investment Management LLC acquired a new position in Fox Factory during the 2nd quarter worth approximately $53,294,000. Norges Bank acquired a new position in Fox Factory during the 4th quarter worth approximately $31,429,000. Norden Group LLC raised its stake in Fox Factory by 3,378.1% during the 1st quarter. Norden Group LLC now owns 286,420 shares of the company’s stock worth $14,914,000 after buying an additional 278,185 shares during the period. Finally, Vanguard Group Inc. raised its stake in Fox Factory by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 4,470,762 shares of the company’s stock worth $232,793,000 after buying an additional 228,339 shares during the period.

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.