Fox Factory (NASDAQ:FOXF) Trading Down 3.5% Following Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF)’s share price dropped 3.5% during trading on Monday after Truist Financial lowered their price target on the stock from $40.00 to $24.00. Truist Financial currently has a buy rating on the stock. Fox Factory traded as low as $19.00 and last traded at $19.13. Approximately 47,946 shares were traded during trading, a decline of 92% from the average daily volume of 614,898 shares. The stock had previously closed at $19.81.

Several other equities research analysts have also commented on the stock. Stifel Nicolaus dropped their price objective on shares of Fox Factory from $40.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Robert W. Baird dropped their price target on Fox Factory from $32.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, April 4th. Finally, Jefferies Financial Group reduced their price objective on Fox Factory from $45.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Fox Factory presently has a consensus rating of “Hold” and a consensus price target of $35.00.

Hedge Funds Weigh In On Fox Factory

Hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in shares of Fox Factory by 142.8% in the 1st quarter. Versant Capital Management Inc now owns 1,372 shares of the company’s stock worth $32,000 after purchasing an additional 807 shares in the last quarter. Quarry LP bought a new stake in Fox Factory in the 4th quarter worth about $45,000. KBC Group NV raised its position in Fox Factory by 80.4% in the 4th quarter. KBC Group NV now owns 2,484 shares of the company’s stock worth $75,000 after buying an additional 1,107 shares during the last quarter. Parallel Advisors LLC lifted its stake in Fox Factory by 102.4% during the 1st quarter. Parallel Advisors LLC now owns 5,146 shares of the company’s stock valued at $120,000 after acquiring an additional 2,604 shares during the period. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Fox Factory during the 4th quarter valued at about $143,000.

Fox Factory Price Performance

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 business’s 50 day moving average price is $24.57 and its 200 day moving average price is $29.92. The stock has a market capitalization of $818.39 million, a P/E ratio of 75.46, a price-to-earnings-growth ratio of 1.45 and a beta of 1.56.

Fox Factory (NASDAQ:FOXF) last posted its earnings results on Thursday, February 27th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The business had revenue of $352.84 million during the quarter, compared to the consensus estimate of $321.31 million. Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. Sell-side analysts forecast that Fox Factory Holding Corp. will post 1.31 EPS for the current 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.