B. Riley Cuts Fox Factory (NASDAQ:FOXF) Price Target to $45.00

Fox Factory (NASDAQ:FOXF) had its price target reduced by B. Riley from $50.00 to $45.00 in a research note released on Friday, Benzinga reports. B. Riley currently has a neutral rating on the stock. B. Riley also issued estimates for Fox Factory’s FY2024 earnings at $2.32 EPS.

FOXF has been the topic of several other research reports. Truist Financial dropped their target price on shares of Fox Factory from $60.00 to $50.00 and set a buy rating on the stock in a research note on Friday. Bank of America cut Fox Factory from a buy rating to a neutral rating and set a $55.00 price target for the company. in a research note on Friday, February 23rd. Robert W. Baird lowered their target price on shares of Fox Factory from $55.00 to $48.00 and set a neutral rating on the stock in a research note on Friday. Roth Mkm reduced 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, StockNews.com lowered shares of Fox Factory from a hold rating to a sell rating in a research note on Monday, February 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $48.00.

Fox Factory Price Performance

Shares of NASDAQ FOXF opened at $43.52 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.85 and a current ratio of 3.43. The company has a 50 day simple moving average of $46.45 and a two-hundred day simple moving average of $59.31. Fox Factory has a fifty-two week low of $37.98 and a fifty-two week high of $117.68. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 24.31, a P/E/G 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 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 10.56% and a net margin of 5.41%. The company’s quarterly revenue was down 16.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 earnings per share. Analysts expect that Fox Factory will post 2.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Fox Factory

Institutional investors and hedge funds have recently bought and sold shares of the stock. FirstPurpose Wealth LLC raised its stake in shares of Fox Factory by 6.7% in the third quarter. FirstPurpose Wealth LLC now owns 2,907 shares of the company’s stock worth $288,000 after buying an additional 183 shares during the period. Mariner LLC boosted its stake in shares of Fox Factory by 5.1% in the third quarter. Mariner LLC now owns 4,491 shares of the company’s stock worth $445,000 after acquiring an additional 216 shares during the period. Coldstream Capital Management Inc. raised its stake in Fox Factory by 11.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 2,167 shares of the company’s stock valued at $215,000 after purchasing an additional 217 shares during the period. CWM LLC lifted its holdings in Fox Factory by 54.1% in the 4th quarter. CWM LLC now owns 624 shares of the company’s stock worth $42,000 after purchasing an additional 219 shares in the last quarter. Finally, Inspire Investing LLC boosted its stake in Fox Factory by 8.1% in the 3rd quarter. Inspire Investing LLC now owns 3,111 shares of the company’s stock worth $308,000 after purchasing an additional 234 shares during the period.

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.