Fox Factory (NASDAQ:FOXF) Shares Gap Up After Better-Than-Expected Earnings

Posted by MarketBeat News on Aug 6th, 2022

Fox Factory Holding Corp. (NASDAQ:FOXF – Get Rating) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $94.48, but opened at $101.10. Fox Factory shares last traded at $108.61, with a volume of 1,959 shares trading hands.

The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.16. Fox Factory had a net margin of 12.46% and a return on equity of 23.11%. The company had revenue of $406.71 million during the quarter, compared to the consensus estimate of $399.13 million. During the same quarter in the prior year, the firm earned $1.20 EPS. The company’s revenue was up 23.9% compared to the same quarter last year.

Analyst Ratings Changes

FOXF has been the topic of several analyst reports. Jefferies Financial Group dropped their price target on shares of Fox Factory from $140.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, June 24th. Stifel Nicolaus upgraded shares of Fox Factory from a “hold” rating to a “buy” rating and increased their price target for the stock from $88.00 to $115.00 in a research note on Friday.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Lindenwold Advisors grew its stake in Fox Factory by 11.5% in the 2nd quarter. Lindenwold Advisors now owns 2,953 shares of the company’s stock valued at $238,000 after buying an additional 305 shares during the last quarter. Zions Bancorporation N.A. grew its stake in Fox Factory by 23.7% in the 2nd quarter. Zions Bancorporation N.A. now owns 6,661 shares of the company’s stock valued at $536,000 after buying an additional 1,278 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in Fox Factory by 6.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 3,613 shares of the company’s stock valued at $291,000 after buying an additional 221 shares during the last quarter. Royce & Associates LP grew its stake in Fox Factory by 24.6% in the 2nd quarter. Royce & Associates LP now owns 64,100 shares of the company’s stock valued at $5,163,000 after buying an additional 12,650 shares during the last quarter. Finally, Securian Asset Management Inc. grew its stake in Fox Factory by 3.2% in the 2nd quarter. Securian Asset Management Inc. now owns 3,842 shares of the company’s stock valued at $309,000 after buying an additional 118 shares during the last quarter. Institutional investors and hedge funds own 99.49% of the company’s stock.

Fox Factory Stock Up 12.2 %

The business’s 50 day moving average is $85.72 and its 200-day moving average is $96.98. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.93 and a current ratio of 3.05. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of 25.87, a price-to-earnings-growth ratio of 0.95 and a beta of 1.72.

About Fox Factory

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Fox Factory Holding Corp. designs, engineers, manufactures, and markets ride dynamics products worldwide. The company offers mid-end and high-end front fork and rear suspension products for mountain bikes, road bikes, and e-bikes; and 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.