Fox Factory (NASDAQ:FOXF) Shares Gap Down on Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF) shares gapped down prior to trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $40.00 to $34.00. The stock had previously closed at $21.97, but opened at $20.59. Stifel Nicolaus currently has a buy rating on the stock. Fox Factory shares last traded at $19.80, with a volume of 66,350 shares changing hands.

FOXF has been the topic of several other research reports. Truist Financial decreased their price target on Fox Factory from $42.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Robert W. Baird reduced their price objective on shares of Fox Factory from $32.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, April 4th. Finally, Jefferies Financial Group lowered their target price on shares of Fox Factory from $45.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Fox Factory has a consensus rating of “Hold” and a consensus target price of $37.29.

Hedge Funds Weigh In On Fox Factory

Several institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in shares of Fox Factory in the fourth quarter valued at approximately $2,543,000. Advantage Alpha Capital Partners LP boosted its position in Fox Factory by 30.8% in the 4th quarter. Advantage Alpha Capital Partners LP now owns 68,221 shares of the company’s stock valued at $2,065,000 after buying an additional 16,081 shares during the period. Caprock Group LLC grew its stake in shares of Fox Factory by 133.7% in the fourth quarter. Caprock Group LLC now owns 22,396 shares of the company’s stock worth $678,000 after acquiring an additional 12,813 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of Fox Factory by 1,569.2% during the fourth quarter. Mutual of America Capital Management LLC now owns 104,657 shares of the company’s stock worth $3,168,000 after acquiring an additional 98,387 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Fox Factory by 13.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 622,745 shares of the company’s stock worth $18,850,000 after acquiring an additional 73,110 shares during the period.

Fox Factory Stock Performance

The firm has a market capitalization of $826.31 million, a price-to-earnings ratio of 76.20, a PEG ratio of 1.45 and a beta of 1.56. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.21 and a quick ratio of 1.62. The firm has a 50 day moving average price of $24.71 and a 200-day moving average price of $30.15.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. The company had revenue of $352.84 million for the quarter, compared to analyst estimates of $321.31 million. As a group, sell-side analysts expect that Fox Factory Holding Corp. will post 1.31 earnings per share for the current fiscal year.

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.