Fox Factory (NASDAQ:FOXF) Shares Gap Up on Strong Earnings

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $25.48, but opened at $28.03. Fox Factory shares last traded at $27.90, with a volume of 97,723 shares.

The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.29 by $0.02. Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. The firm had revenue of $352.84 million during the quarter, compared to the consensus estimate of $321.31 million.

Analyst Upgrades and Downgrades

FOXF has been the subject of a number of recent research reports. Jefferies Financial Group decreased their price objective on Fox Factory from $45.00 to $38.00 and set a "buy" rating for the company in a report on Friday. Truist Financial decreased their price target on Fox Factory from $42.00 to $40.00 and set a "buy" rating for the company in a research note on Tuesday, January 7th. Robert W. Baird cut their price objective on Fox Factory from $38.00 to $32.00 and set a "neutral" rating on the stock in a research note on Friday. Stifel Nicolaus upgraded Fox Factory from a "hold" rating to a "buy" rating and set a $40.00 target price on the stock in a report on Wednesday, December 11th. Finally, StockNews.com upgraded shares of Fox Factory from a "sell" rating to a "hold" rating in a report on Thursday, November 28th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $39.14.

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Institutional Investors Weigh In On Fox Factory

Institutional investors and hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its stake in Fox Factory by 6,413.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,352,242 shares of the company's stock valued at $40,932,000 after buying an additional 1,331,480 shares during the period. RWWM Inc. increased its stake in shares of Fox Factory by 174.0% in the 4th quarter. RWWM Inc. now owns 1,997,531 shares of the company's stock valued at $60,465,000 after acquiring an additional 1,268,460 shares in the last quarter. Nantahala Capital Management LLC acquired a new position in shares of Fox Factory during the 4th quarter valued at $19,252,000. William Blair Investment Management LLC lifted its position in shares of Fox Factory by 17.1% during the 4th quarter. William Blair Investment Management LLC now owns 2,983,482 shares of the company's stock valued at $90,310,000 after acquiring an additional 434,998 shares during the period. Finally, Millennium Management LLC boosted its stake in Fox Factory by 722.1% during the fourth quarter. Millennium Management LLC now owns 391,403 shares of the company's stock worth $11,848,000 after acquiring an additional 343,793 shares in the last quarter.

Fox Factory Price Performance

The business's fifty day simple moving average is $27.80 and its 200 day simple moving average is $33.56. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 100.54, a PEG ratio of 1.45 and a beta of 1.58. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.21 and a quick ratio of 1.62.

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.