Fox Factory (NASDAQ:FOXF) Reaches New 1-Year Low After Earnings Miss

Fox Factory Holding Corp. (NASDAQ:FOXF)’s stock price hit a new 52-week low during trading 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 traded. The stock had previously closed at $35.99.

The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.07). Fox Factory had a return on equity of 7.66% and a net margin of 3.07%. The company had revenue of $359.10 million for the quarter, compared to the consensus estimate of $366.86 million. During the same quarter last year, the company posted $1.05 EPS. The company’s quarterly revenue was up 8.4% compared to the same quarter last year.

Analysts Set New Price Targets

FOXF has been the subject of a number of recent analyst reports. Roth Mkm reduced their price objective 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. Truist Financial reduced their target price on Fox Factory from $54.00 to $42.00 and set a “buy” rating for the company in a report on Friday. Robert W. Baird dropped their price target on Fox Factory from $45.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday. Bank of America reduced their price objective on Fox Factory from $53.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Finally, B. Riley lowered their target price on 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 analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Fox Factory presently has a consensus rating of “Hold” and a consensus price target of $41.50.

Insider Buying and Selling

In other Fox Factory news, CEO Michael C. Dennison bought 4,800 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was purchased at an average price of $41.44 per share, for a total transaction of $198,912.00. Following the completion of the transaction, the chief executive officer now directly owns 135,066 shares of the company’s stock, valued at $5,597,135.04. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fox Factory

Several institutional investors have recently made changes to their positions in FOXF. GAMMA Investing LLC raised its stake in shares of Fox Factory by 86.0% during the 3rd quarter. GAMMA Investing LLC now owns 599 shares of the company’s stock valued at $25,000 after purchasing an additional 277 shares during the period. Signaturefd LLC increased its position in shares of Fox Factory by 301.1% during the third quarter. Signaturefd LLC now owns 726 shares of the company’s stock valued at $30,000 after buying an additional 545 shares during the period. nVerses Capital LLC purchased a new stake in shares of Fox Factory in the third quarter worth about $42,000. Fifth Third Bancorp boosted its position in shares of Fox Factory by 26.5% in the second quarter. Fifth Third Bancorp now owns 1,245 shares of the company’s stock valued at $60,000 after acquiring an additional 261 shares during the period. Finally, Covestor Ltd grew its stake in Fox Factory by 31.8% during the first quarter. Covestor Ltd now owns 1,518 shares of the company’s stock valued at $79,000 after acquiring an additional 366 shares in the last quarter.

Fox Factory Stock Down 5.5 %

The company has a current ratio of 3.13, a quick ratio of 1.63 and a debt-to-equity ratio of 0.61. The firm has a market cap of $1.42 billion, a P/E ratio of 34.71, a price-to-earnings-growth ratio of 2.52 and a beta of 1.64. The stock’s fifty day moving average is $39.47 and its two-hundred day moving average is $43.25.

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.