Fox Factory (NASDAQ:FOXF) Sets New 52-Week Low Following Weak Earnings

Fox Factory Holding Corp. (NASDAQ:FOXF)’s share price reached a new 52-week low during mid-day trading on Friday following a dissappointing earnings announcement. The stock 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 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.07). The company had revenue of $359.10 million during the quarter, compared to analyst estimates 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 was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.05 earnings per share.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FOXF shares. Robert W. Baird decreased their price target on shares of Fox Factory from $45.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday. Bank of America lowered their price target on shares of Fox Factory from $53.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. B. Riley lowered their target price on Fox Factory from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, Truist Financial cut their price target on Fox Factory from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Fox Factory currently has an average rating of “Hold” and an average target price of $45.00.

Insider Activity

In other news, CEO Michael C. Dennison purchased 4,800 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average price of $41.44 per share, for a total transaction of $198,912.00. Following the transaction, the chief executive officer now owns 135,066 shares of the company’s stock, valued at approximately $5,597,135.04. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Fox Factory

Several institutional investors have recently made changes to their positions in FOXF. GAMMA Investing LLC increased its position in Fox Factory by 86.0% in the 3rd quarter. GAMMA Investing LLC now owns 599 shares of the company’s stock valued at $25,000 after buying an additional 277 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Fox Factory by 301.1% during the third quarter. Signaturefd LLC now owns 726 shares of the company’s stock valued at $30,000 after acquiring an additional 545 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Fox Factory in the 3rd quarter worth $42,000. Fifth Third Bancorp grew its position in Fox Factory by 26.5% in the 2nd quarter. Fifth Third Bancorp now owns 1,245 shares of the company’s stock valued at $60,000 after purchasing an additional 261 shares during the period. Finally, Covestor Ltd increased its stake in Fox Factory by 31.8% during the 1st quarter. Covestor Ltd now owns 1,518 shares of the company’s stock valued at $79,000 after purchasing an additional 366 shares in the last quarter.

Fox Factory Stock Performance

The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 36.72, a P/E/G ratio of 2.52 and a beta of 1.64. The company’s fifty day simple moving average is $39.69 and its two-hundred day simple moving average is $43.36. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.13 and a quick ratio of 1.63.

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.