Fox Factory (NASDAQ:FOXF) Sets New 1-Year Low Following Weak Earnings

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report) reached a new 52-week low on Friday following a dissappointing earnings announcement. The company traded as low as $33.89 and last traded at $33.89, with a volume of 898 shares traded. The stock had previously closed at $35.99.

The company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.07). Fox Factory had a return on equity of 7.66% and a net margin of 3.07%. The company had revenue of $359.10 million for the quarter, compared to the consensus estimate of $366.86 million. During the same quarter last year, the business earned $1.05 EPS. Fox Factory's revenue was up 8.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FOXF shares. Roth Mkm decreased their price target on Fox Factory from $45.00 to $36.00 and set a "neutral" rating on the stock in a research note on Friday. B. Riley cut their target price on Fox Factory from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Friday, August 2nd. Bank of America cut their target price on Fox Factory from $53.00 to $43.00 and set a "neutral" rating on the stock in a report on Thursday, September 12th. Robert W. Baird dropped their price objective on Fox Factory from $45.00 to $38.00 and set a "neutral" rating on the stock in a research note on Friday. Finally, Truist Financial dropped their price objective on Fox Factory from $54.00 to $42.00 and set a "buy" rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $41.50.

Insiders Place Their Bets

In related news, CEO Michael C. Dennison acquired 4,800 shares of the firm's stock in a transaction on Tuesday, August 6th. The stock was purchased at an average cost of $41.44 per share, with a total value of $198,912.00. Following the acquisition, the chief executive officer now owns 135,066 shares of the company's stock, valued at approximately $5,597,135.04. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Fox Factory

Several institutional investors have recently modified their holdings of FOXF. Maryland State Retirement & Pension System bought a new position in Fox Factory during the first quarter valued at $781,000. Norden Group LLC boosted its stake in Fox Factory by 72.3% during the first quarter. Norden Group LLC now owns 14,188 shares of the company's stock valued at $739,000 after buying an additional 5,953 shares during the period. Diversify Advisory Services LLC bought a new stake in Fox Factory during the first quarter worth about $251,000. Precision Wealth Strategies LLC lifted its stake in Fox Factory by 9.6% during the first quarter. Precision Wealth Strategies LLC now owns 8,824 shares of the company's stock worth $459,000 after purchasing an additional 775 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in Fox Factory during the first quarter worth about $543,000.

Fox Factory Stock Performance

The stock has a market cap of $1.42 billion, a PE ratio of 34.60, a P/E/G ratio of 2.52 and a beta of 1.64. The company has a fifty day moving average price of $39.61 and a 200 day moving average price of $43.31. The company has a quick ratio of 1.63, a current ratio of 3.13 and a debt-to-equity ratio of 0.61.

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.