Fox Factory (NASDAQ:FOXF) Shares Gap Up on Strong Earnings

Fox Factory Holding Corp. (NASDAQ:FOXF) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $25.48, but opened at $28.03. Fox Factory shares last traded at $27.90, with a volume of 97,723 shares traded.

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 during the quarter, compared to analysts’ expectations of $321.31 million.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. StockNews.com raised Fox Factory from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Jefferies Financial Group decreased their price objective on Fox Factory from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Friday. Stifel Nicolaus raised Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Wednesday, December 11th. Truist Financial decreased their price target on shares of Fox Factory from $42.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Finally, Robert W. Baird dropped their price objective on shares of Fox Factory from $38.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $39.14.

Hedge Funds Weigh In On Fox Factory

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP bought a new position in Fox Factory in the fourth quarter valued at approximately $45,000. KBC Group NV boosted its holdings in shares of Fox Factory by 36.5% in the 3rd quarter. KBC Group NV now owns 1,377 shares of the company’s stock valued at $57,000 after purchasing an additional 368 shares in the last quarter. TD Waterhouse Canada Inc. bought a new position in shares of Fox Factory in the 4th quarter valued at $143,000. Magnetar Financial LLC acquired a new position in shares of Fox Factory during the 4th quarter worth $206,000. Finally, Aristides Capital LLC bought a new stake in shares of Fox Factory during the 4th quarter worth $206,000.

Fox Factory Trading Up 8.8 %

The company has a current ratio of 3.21, a quick ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average of $27.84 and a two-hundred day moving average of $33.70. The firm has a market capitalization of $1.16 billion, a P/E ratio of 106.66, a P/E/G ratio of 1.45 and a beta of 1.58.

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.