Truist Financial Lowers Fox Factory (NASDAQ:FOXF) Price Target to $24.00

Fox Factory (NASDAQ:FOXF - Free Report) had its price target lowered by Truist Financial from $40.00 to $24.00 in a research note released on Monday, Marketbeat Ratings reports. The firm currently has a buy rating on the stock.

FOXF has been the topic of a number of other reports. Stifel Nicolaus lowered their price target on shares of Fox Factory from $40.00 to $34.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Jefferies Financial Group lowered their target price on shares of Fox Factory from $45.00 to $38.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Finally, Robert W. Baird reduced 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 report on Friday, April 4th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $35.00.

Fox Factory Stock Performance

Fox Factory stock traded up $0.41 during midday trading on Monday, reaching $19.66. The stock had a trading volume of 668,706 shares, compared to its average volume of 619,041. The company has a quick ratio of 1.62, a current ratio of 3.21 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $820.06 million, a PE ratio of 75.62, a P/E/G ratio of 1.45 and a beta of 1.56. Fox Factory has a 12 month low of $17.95 and a 12 month high of $54.86. The firm's 50-day moving average price is $24.05 and its 200 day moving average price is $29.47.

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

Hedge Funds Weigh In On Fox Factory

A number of large investors have recently modified their holdings of the company. RWWM Inc. lifted its holdings in shares of Fox Factory by 79.0% in the 1st quarter. RWWM Inc. now owns 3,576,560 shares of the company's stock worth $83,477,000 after acquiring an additional 1,579,029 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Fox Factory by 6,413.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,352,242 shares of the company's stock worth $40,932,000 after purchasing an additional 1,331,480 shares during the period. Nantahala Capital Management LLC purchased a new position in Fox Factory in the 4th quarter worth $19,252,000. William Blair Investment Management LLC lifted its stake in Fox Factory by 17.1% in the fourth quarter. William Blair Investment Management LLC now owns 2,983,482 shares of the company's stock worth $90,310,000 after purchasing an additional 434,998 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Fox Factory by 722.1% during the fourth quarter. Millennium Management LLC now owns 391,403 shares of the company's stock valued at $11,848,000 after buying an additional 343,793 shares during the period.

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.