Fox Factory (NASDAQ:FOXF) Hits New 52-Week Low on Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF) reached a new 52-week low during mid-day trading on Wednesday after Truist Financial lowered their price target on the stock from $42.00 to $40.00. Truist Financial currently has a buy rating on the stock. Fox Factory traded as low as $28.28 and last traded at $28.41, with a volume of 39976 shares traded. The stock had previously closed at $29.61.

Other analysts also recently issued research reports about the company. Robert W. Baird reduced their price objective on Fox Factory from $45.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. StockNews.com raised shares of Fox Factory from a “sell” rating to a “hold” rating in a report on Thursday, November 28th. Bank of America lowered their target price 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. Stifel Nicolaus raised Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Wednesday, December 11th. Finally, Roth Mkm dropped their target price on shares of Fox Factory from $45.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $40.33.

Institutional Investors Weigh In On Fox Factory

A number of institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in Fox Factory by 86.0% in the third quarter. GAMMA Investing LLC now owns 599 shares of the company’s stock worth $25,000 after purchasing an additional 277 shares during the period. Signaturefd LLC increased its stake in Fox Factory by 301.1% during the 3rd quarter. Signaturefd LLC now owns 726 shares of the company’s stock worth $30,000 after purchasing an additional 545 shares in the last quarter. nVerses Capital LLC acquired a new stake in Fox Factory during the 3rd quarter worth approximately $42,000. KBC Group NV increased its position in shares of Fox Factory by 36.5% during the third quarter. KBC Group NV now owns 1,377 shares of the company’s stock worth $57,000 after acquiring an additional 368 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its position in Fox Factory by 734.6% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,654 shares of the company’s stock valued at $128,000 after acquiring an additional 2,336 shares in the last quarter.

Fox Factory Stock Performance

The stock’s 50 day moving average is $31.69 and its two-hundred day moving average is $38.82. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 111.00, a price-to-earnings-growth ratio of 2.55 and a beta of 1.60. The company has a current ratio of 3.21, a quick ratio of 1.62 and a debt-to-equity ratio of 0.62.

Fox Factory (NASDAQ:FOXF) last announced its earnings results on Thursday, October 31st. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. The firm had revenue of $359.10 million during the quarter, compared to analyst estimates of $366.86 million. During the same period in the prior year, the business posted $1.05 EPS. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. Analysts expect 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.