Fox Factory (NASDAQ:FOXF) Price Target Cut to $50.00 by Analysts at Truist Financial

Fox Factory (NASDAQ:FOXF) had its price target reduced by Truist Financial from $60.00 to $50.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on the company. StockNews.com lowered Fox Factory from a hold rating to a sell rating in a research note on Monday, February 26th. Robert W. Baird dropped their price objective on shares of Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a report on Friday. Stifel Nicolaus reduced their target price on shares of Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research note on Wednesday, April 24th. Roth Mkm dropped their price target on shares of Fox Factory from $55.00 to $45.00 and set a neutral rating for the company in a research note on Friday. Finally, Bank of America lowered shares of Fox Factory from a buy rating to a neutral rating and set a $55.00 price target on the stock. in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $46.83.

Fox Factory Stock Performance

NASDAQ FOXF opened at $44.31 on Friday. The stock’s 50 day simple moving average is $46.36 and its 200-day simple moving average is $58.99. Fox Factory has a 1-year low of $37.98 and a 1-year high of $117.68. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.43 and a quick ratio of 1.85. The company has a market cap of $1.86 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 3.66 and a beta of 1.68.

Fox Factory (NASDAQ:FOXF) last released its earnings results on Thursday, May 2nd. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. Fox Factory had a net margin of 5.41% and a return on equity of 10.56%. The business had revenue of $333.50 million during the quarter, compared to analyst estimates of $327.58 million. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The company’s revenue for the quarter was down 16.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Fox Factory will post 2.42 EPS for the current fiscal year.

Institutional Trading of Fox Factory

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FOXF. Norges Bank purchased a new position in shares of Fox Factory during the fourth quarter worth $31,429,000. FMR LLC lifted its stake in Fox Factory by 46.2% during the 3rd quarter. FMR LLC now owns 1,136,720 shares of the company’s stock worth $112,626,000 after acquiring an additional 359,168 shares in the last quarter. Norden Group LLC boosted its holdings in Fox Factory by 3,378.1% during the 1st quarter. Norden Group LLC now owns 286,420 shares of the company’s stock valued at $14,914,000 after acquiring an additional 278,185 shares during the period. Bamco Inc. NY purchased a new position in Fox Factory during the 3rd quarter valued at about $27,247,000. Finally, RWWM Inc. acquired a new position in Fox Factory in the 4th quarter valued at about $7,969,000.

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.