Fox Factory (NASDAQ:FOXF) Reaches New 1-Year Low Following Analyst Downgrade

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report) reached a new 52-week low during trading on Wednesday after Truist Financial lowered their price target on the stock from $42.00 to $40.00. Truist Financial currently has a buy rating on the stock. Fox Factory traded as low as $28.28 and last traded at $28.41, with a volume of 39976 shares. The stock had previously closed at $29.61.

A number of other analysts have also recently weighed in on the stock. 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 note on Friday, November 1st. Stifel Nicolaus upgraded Fox Factory from a "hold" rating to a "buy" rating and set a $40.00 price objective on the stock in a research report on Wednesday, December 11th. Bank of America dropped their target price 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. StockNews.com upgraded shares of Fox Factory from a "sell" rating to a "hold" rating in a report on Thursday, November 28th. Finally, Robert W. Baird reduced their target price on shares of Fox Factory from $45.00 to $38.00 and set a "neutral" rating on the stock in a report on Friday, November 1st. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, Fox Factory currently has a consensus rating of "Hold" and a consensus target price of $40.33.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FOXF. JPMorgan Chase & Co. grew its stake in Fox Factory by 271.6% during the third quarter. JPMorgan Chase & Co. now owns 190,870 shares of the company's stock worth $7,921,000 after purchasing an additional 139,512 shares during the period. Synovus Financial Corp grew its position in shares of Fox Factory by 20.3% during the 3rd quarter. Synovus Financial Corp now owns 23,306 shares of the company's stock worth $967,000 after buying an additional 3,934 shares during the period. Geode Capital Management LLC increased its stake in shares of Fox Factory by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,002,109 shares of the company's stock valued at $41,595,000 after acquiring an additional 8,474 shares in the last quarter. Disciplined Growth Investors Inc. MN acquired a new position in shares of Fox Factory during the 3rd quarter valued at $5,743,000. Finally, M&T Bank Corp boosted its stake in Fox Factory by 70.4% during the third quarter. M&T Bank Corp now owns 36,795 shares of the company's stock worth $1,528,000 after acquiring an additional 15,201 shares in the last quarter.

Fox Factory Price Performance

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 firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of 111.00, a PEG ratio of 2.55 and a beta of 1.60. The business's fifty day simple moving average is $31.69 and its 200 day simple moving average is $38.82.

Fox Factory (NASDAQ:FOXF - Get Free Report) last issued its earnings results 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). The firm had revenue of $359.10 million for the quarter, compared to analyst estimates of $366.86 million. Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. Fox Factory's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.05 earnings per share. On average, research analysts forecast that Fox Factory Holding Corp. will post 1.31 EPS for the current year.

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.