Fox Factory (NASDAQ:FOXF) Trading Down 4.9% – Here’s What Happened

Fox Factory Holding Corp. (NASDAQ:FOXF)’s share price was down 4.9% during trading on Tuesday . The company traded as low as $31.50 and last traded at $31.76. Approximately 48,470 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 588,162 shares. The stock had previously closed at $33.39.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. B. Riley decreased 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. Roth Mkm cut their target price on shares of Fox Factory from $45.00 to $36.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Bank of America decreased their price target on shares of Fox Factory from $53.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Truist Financial cut their price objective on Fox Factory from $54.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Robert W. Baird decreased their target price on Fox Factory from $45.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $41.50.

Fox Factory Stock Performance

The firm has a market capitalization of $1.35 billion, a PE ratio of 124.24, a price-to-earnings-growth ratio of 2.72 and a beta of 1.65. 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 stock has a 50-day moving average price of $37.50 and a 200-day moving average price of $42.24.

Fox Factory (NASDAQ:FOXF) last announced 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). Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. The business had revenue of $359.10 million during the quarter, compared to analyst estimates of $366.86 million. During the same period in the previous year, the company earned $1.05 earnings per share. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, research analysts expect that Fox Factory Holding Corp. will post 1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Fox Factory

Several hedge funds and other institutional investors have recently modified their holdings of FOXF. GAMMA Investing LLC grew its stake in Fox Factory by 86.0% in the third quarter. GAMMA Investing LLC now owns 599 shares of the company’s stock worth $25,000 after purchasing an additional 277 shares in the last quarter. Signaturefd LLC grew its position in shares of Fox Factory by 301.1% in the 3rd quarter. Signaturefd LLC now owns 726 shares of the company’s stock worth $30,000 after acquiring an additional 545 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of Fox Factory in the 3rd quarter valued at approximately $42,000. KBC Group NV raised its position in shares of Fox Factory by 36.5% during the 3rd quarter. KBC Group NV now owns 1,377 shares of the company’s stock valued at $57,000 after acquiring an additional 368 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in Fox Factory by 26.5% during the second quarter. Fifth Third Bancorp now owns 1,245 shares of the company’s stock worth $60,000 after purchasing an additional 261 shares during the last quarter.

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.