Fox Factory (NASDAQ:FOXF) Hits New 52-Week Low on Disappointing Earnings

Fox Factory Holding Corp. (NASDAQ:FOXF) reached a new 52-week low during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $33.89 and last traded at $33.89, with a volume of 898 shares changing 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 firm had revenue of $359.10 million for the quarter, compared to the consensus estimate of $366.86 million. Fox Factory had a net margin of 3.07% and a return on equity of 7.66%. Fox Factory’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.05 earnings per share.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FOXF. Robert W. Baird decreased their price target on Fox Factory from $45.00 to $38.00 and set a “neutral” rating on the stock in a research note on Friday. B. Riley reduced their price target 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. Roth Mkm decreased their target price on shares of Fox Factory from $45.00 to $36.00 and set a “neutral” rating for the company in a research note on Friday. Truist Financial dropped their price target on shares of Fox Factory from $54.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Bank of America decreased their price target 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. 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 MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $41.50.

Insider Activity at Fox Factory

In related news, CEO Michael C. Dennison acquired 4,800 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average price of $41.44 per share, with a total value of $198,912.00. Following the completion of the purchase, the chief executive officer now directly owns 135,066 shares of the company’s stock, valued at $5,597,135.04. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fox Factory

Institutional investors have recently bought and sold shares of the business. Malaga Cove Capital LLC raised its position in shares of Fox Factory by 28.5% during the third 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 during the last quarter. D.B. Root & Company LLC grew its position in Fox Factory by 24.7% in 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 increased its stake in Fox Factory by 2.6% in the 3rd quarter. US Bancorp DE now owns 42,844 shares of the company’s stock worth $1,778,000 after buying an additional 1,099 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Fox Factory by 2.7% during the third quarter. Assenagon Asset Management S.A. now owns 35,571 shares of the company’s stock worth $1,476,000 after acquiring an additional 941 shares during the period. Finally, Signaturefd LLC raised its position in Fox Factory by 301.1% during the 3rd quarter. Signaturefd LLC now owns 726 shares of the company’s stock valued at $30,000 after purchasing an additional 545 shares in the last quarter.

Fox Factory Trading Down 5.5 %

The company has a quick ratio of 1.63, a current ratio of 3.13 and a debt-to-equity ratio of 0.61. The stock’s 50 day moving average is $39.61 and its two-hundred day moving average is $43.31. The company has a market capitalization of $1.42 billion, a PE ratio of 34.60, a price-to-earnings-growth ratio of 2.52 and a beta of 1.64.

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.