Fox Factory (NASDAQ:FOXF) Hits New 12-Month Low Following Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF)’s stock price hit a new 52-week low on Wednesday after Truist Financial lowered their price target on the stock from $42.00 to $40.00. Truist Financial currently has a buy rating on the stock. Fox Factory traded as low as $28.28 and last traded at $28.41, with a volume of 39976 shares. The stock had previously closed at $29.61.

Several other brokerages have also weighed in on FOXF. Stifel Nicolaus raised Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Wednesday, December 11th. Bank of America decreased their target price 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. StockNews.com upgraded shares of Fox Factory from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Roth Mkm dropped their target price on shares of Fox Factory from $45.00 to $36.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. Finally, Robert W. Baird dropped their target price on shares of Fox Factory from $45.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $40.33.

Hedge Funds Weigh In On Fox Factory

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its holdings in shares of Fox Factory by 271.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 190,870 shares of the company’s stock valued at $7,921,000 after purchasing an additional 139,512 shares in the last quarter. Synovus Financial Corp lifted its position in shares of Fox Factory by 20.3% in the third quarter. Synovus Financial Corp now owns 23,306 shares of the company’s stock worth $967,000 after buying an additional 3,934 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Fox Factory by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,002,109 shares of the company’s stock worth $41,595,000 after acquiring an additional 8,474 shares in the last quarter. Disciplined Growth Investors Inc. MN acquired a new position in shares of Fox Factory during the 3rd quarter valued at about $5,743,000. Finally, M&T Bank Corp raised its stake in shares of Fox Factory by 70.4% in the 3rd quarter. M&T Bank Corp now owns 36,795 shares of the company’s stock valued at $1,528,000 after acquiring an additional 15,201 shares in the last quarter.

Fox Factory Trading Down 2.5 %

The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 111.00, a price-to-earnings-growth ratio of 2.55 and a beta of 1.60. 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 company has a fifty day moving average of $31.69 and a two-hundred day moving average of $38.82.

Fox Factory (NASDAQ:FOXF) last posted its earnings results on Thursday, October 31st. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). The firm had revenue of $359.10 million during the quarter, compared to analyst estimates of $366.86 million. Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 earnings per share. On average, research analysts expect that Fox Factory Holding Corp. will post 1.31 EPS for the current 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.