Fox Factory (NASDAQ:FOXF) Trading Up 9.1% Following Better-Than-Expected Earnings

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF) traded up 9.1% on Friday following a better than expected earnings announcement. The stock traded as high as $44.91 and last traded at $43.00. 241,357 shares were traded during mid-day trading, a decline of 60% from the average session volume of 609,605 shares. The stock had previously closed at $39.42.

The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.19 by $0.10. The firm had revenue of $333.50 million for the quarter, compared to analysts’ expectations of $327.58 million. Fox Factory had a net margin of 8.25% and a return on equity of 13.86%. The company’s revenue for the quarter was down 16.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.20 EPS.

Wall Street Analysts Forecast Growth

FOXF has been the topic of several analyst reports. Stifel Nicolaus dropped their price target on shares of Fox Factory from $56.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, April 24th. Truist Financial cut their price objective on Fox Factory from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday. StockNews.com lowered Fox Factory from a “hold” rating to a “sell” rating in a report on Monday, February 26th. Bank of America cut Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, February 23rd. Finally, Robert W. Baird reduced their price objective on shares of Fox Factory from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Fox Factory currently has a consensus rating of “Hold” and an average price target of $48.00.

Institutional Trading of Fox Factory

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its stake in shares of Fox Factory by 1.1% in the third quarter. Bank of New York Mellon Corp now owns 440,251 shares of the company’s stock valued at $43,620,000 after buying an additional 4,607 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Fox Factory by 26.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,065 shares of the company’s stock worth $700,000 after acquiring an additional 1,485 shares in the last quarter. Strs Ohio lifted its stake in Fox Factory by 10.5% during the third quarter. Strs Ohio now owns 4,200 shares of the company’s stock worth $416,000 after purchasing an additional 400 shares during the last quarter. Advisor Partners II LLC acquired a new stake in shares of Fox Factory in the 3rd quarter valued at $224,000. Finally, Park Avenue Securities LLC bought a new position in shares of Fox Factory in the 3rd quarter valued at $302,000.

Fox Factory Price Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 3.70 and a quick ratio of 1.91. The stock has a market cap of $1.83 billion, a P/E ratio of 15.27, a PEG ratio of 3.27 and a beta of 1.68. The business’s fifty day moving average price is $46.45 and its 200 day moving average price is $59.78.

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.