Fox Factory (NASDAQ:FOXF) Sets New 52-Week Low After Earnings Miss

Fox Factory Holding Corp. (NASDAQ:FOXF) shares reached a new 52-week low on Friday following a weaker than expected earnings announcement. The stock traded as low as $33.89 and last traded at $33.89, with a volume of 898 shares trading hands. The stock had previously closed at $35.99.

The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.07). The company had revenue of $359.10 million during the quarter, compared to analysts’ expectations of $366.86 million. Fox Factory had a return on equity of 7.66% and a net margin of 3.07%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 EPS.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FOXF. Robert W. Baird reduced their price target on Fox Factory from $45.00 to $38.00 and set a “neutral” rating for the company in a report on Friday. B. Riley reduced their target price on Fox Factory from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Roth Mkm dropped their price target on shares of Fox Factory from $45.00 to $36.00 and set a “neutral” rating on the stock in a research note on Friday. Truist Financial reduced their price objective on shares of Fox Factory from $54.00 to $42.00 and set a “buy” rating for the company in a research report on Friday. Finally, Bank of America decreased their price objective on shares of Fox Factory from $53.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. One research 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’s stock. According to data from MarketBeat, Fox Factory has an average rating of “Hold” and an average target price of $41.50.

Insider Activity at Fox Factory

In other Fox Factory news, CEO Michael C. Dennison purchased 4,800 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average cost of $41.44 per share, with a total value of $198,912.00. Following the completion of the purchase, the chief executive officer now owns 135,066 shares in the company, valued at approximately $5,597,135.04. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fox Factory

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Malaga Cove Capital LLC grew its holdings in Fox Factory by 28.5% in the 3rd quarter. Malaga Cove Capital LLC now owns 12,050 shares of the company’s stock valued at $500,000 after buying an additional 2,671 shares in the last quarter. D.B. Root & Company LLC boosted its position in shares of Fox Factory by 24.7% during the 3rd quarter. D.B. Root & Company LLC now owns 6,060 shares of the company’s stock valued at $251,000 after acquiring an additional 1,199 shares during the last quarter. US Bancorp DE grew its holdings in shares of Fox Factory by 2.6% in the third quarter. US Bancorp DE now owns 42,844 shares of the company’s stock valued at $1,778,000 after purchasing an additional 1,099 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Fox Factory by 2.7% in the third quarter. Assenagon Asset Management S.A. now owns 35,571 shares of the company’s stock valued at $1,476,000 after purchasing an additional 941 shares during the period. Finally, Signaturefd LLC increased its position in Fox Factory by 301.1% during the third quarter. Signaturefd LLC now owns 726 shares of the company’s stock worth $30,000 after purchasing an additional 545 shares during the last quarter.

Fox Factory Stock Down 5.5 %

The business’s 50 day simple moving average is $39.61 and its 200 day simple moving average is $43.31. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.13 and a quick ratio of 1.63. The company has a market capitalization of $1.42 billion, a PE ratio of 34.60, a P/E/G ratio of 2.52 and a beta of 1.64.

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.