Fox Factory (NASDAQ:FOXF) Trading Down 3.5% After Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report) shares traded down 3.5% during trading on Monday after Truist Financial lowered their price target on the stock from $40.00 to $24.00. Truist Financial currently has a buy rating on the stock. Fox Factory traded as low as $19.00 and last traded at $19.13. 47,946 shares were traded during mid-day trading, a decline of 92% from the average session volume of 614,898 shares. The stock had previously closed at $19.81.

A number of other equities research analysts also recently weighed in on FOXF. Robert W. Baird dropped their price target on shares of Fox Factory from $32.00 to $25.00 and set a "neutral" rating for the company in a research note on Friday, April 4th. Jefferies Financial Group dropped their target price on shares of Fox Factory from $45.00 to $38.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Finally, Stifel Nicolaus reduced their price target on Fox Factory from $40.00 to $34.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Fox Factory presently has an average rating of "Hold" and an average target price of $35.00.

Institutional Trading of Fox Factory

A number of large investors have recently made changes to their positions in FOXF. Versant Capital Management Inc grew its stake in Fox Factory by 142.8% in the first quarter. Versant Capital Management Inc now owns 1,372 shares of the company's stock valued at $32,000 after acquiring an additional 807 shares during the period. Quarry LP acquired a new position in shares of Fox Factory in the 4th quarter valued at approximately $45,000. GAMMA Investing LLC increased its stake in Fox Factory by 254.1% during the 1st quarter. GAMMA Investing LLC now owns 1,696 shares of the company's stock worth $40,000 after purchasing an additional 1,217 shares in the last quarter. KBC Group NV raised its holdings in Fox Factory by 80.4% during the 4th quarter. KBC Group NV now owns 2,484 shares of the company's stock worth $75,000 after buying an additional 1,107 shares during the period. Finally, TD Waterhouse Canada Inc. bought a new position in Fox Factory in the fourth quarter valued at approximately $143,000.

Fox Factory Price Performance

The company's fifty day moving average price is $24.05 and its two-hundred day moving average price is $29.47. The company has a market cap of $820.06 million, a price-to-earnings ratio of 75.62, a PEG ratio of 1.45 and a beta of 1.56. The company has a quick ratio of 1.62, a current ratio of 3.21 and a debt-to-equity ratio of 0.62.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.02. The business had revenue of $352.84 million for the quarter, compared to analyst estimates of $321.31 million. Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. On average, equities research analysts forecast that Fox Factory Holding Corp. will post 1.31 EPS for the current fiscal 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.