Fox Factory (NASDAQ:FOXF) Shares Down 4.9% – Here’s Why

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF) fell 4.9% during trading on Tuesday . The stock traded as low as $31.50 and last traded at $31.76. 48,470 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 588,162 shares. The stock had previously closed at $33.39.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FOXF. B. Riley dropped their price target on shares of Fox Factory from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird cut their target price on Fox Factory from $45.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. Truist Financial decreased their price target on Fox Factory from $54.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Bank of America cut their price objective on Fox Factory from $53.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Finally, Roth Mkm decreased 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 report on Friday, November 1st. 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $41.50.

Fox Factory Stock Performance

The company has a current ratio of 3.21, a quick ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 124.24, a PEG ratio of 2.72 and a beta of 1.65. The stock’s 50 day moving average is $37.50 and its 200 day moving average is $42.24.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. The business had revenue of $359.10 million for the quarter, compared to analysts’ expectations of $366.86 million. During the same period last year, the business earned $1.05 earnings per share. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, analysts predict that Fox Factory Holding Corp. will post 1.31 earnings per share for the current year.

Institutional Trading of Fox Factory

A number of large investors have recently made changes to their positions in FOXF. GAMMA Investing LLC boosted its stake in shares of Fox Factory by 86.0% during the 3rd quarter. GAMMA Investing LLC now owns 599 shares of the company’s stock worth $25,000 after purchasing an additional 277 shares during the last quarter. Signaturefd LLC boosted its position in Fox Factory by 301.1% during the third quarter. Signaturefd LLC now owns 726 shares of the company’s stock worth $30,000 after acquiring an additional 545 shares during the last quarter. nVerses Capital LLC purchased a new stake in Fox Factory in the 3rd quarter worth approximately $42,000. Fifth Third Bancorp lifted its stake in shares of Fox Factory by 26.5% during the 2nd 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 period. Finally, KBC Group NV boosted its holdings in shares of Fox Factory by 36.5% during the third quarter. KBC Group NV now owns 1,377 shares of the company’s stock worth $57,000 after purchasing an additional 368 shares during the last quarter.

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.