Fox Factory (NASDAQ:FOXF) Price Target Cut to $48.00

Fox Factory (NASDAQ:FOXF) had its target price reduced by equities researchers at Robert W. Baird from $55.00 to $48.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s target price suggests a potential upside of 10.29% from the company’s current price.

Several other equities analysts have also weighed in on FOXF. StockNews.com lowered shares of Fox Factory from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Bank of America lowered shares of Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 price target for the company. in a research report on Friday, February 23rd. Stifel Nicolaus reduced their price target on shares of Fox Factory from $56.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, April 24th. Finally, Truist Financial cut their target price on shares of Fox Factory from $90.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fox Factory has a consensus rating of “Hold” and an average target price of $48.00.

Fox Factory Trading Up 10.4 %

Shares of Fox Factory stock opened at $43.52 on Friday. The stock has a fifty day moving average price of $46.45 and a 200-day moving average price of $59.53. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.70 and a quick ratio of 1.91. The firm has a market cap of $1.83 billion, a PE ratio of 24.31, a P/E/G ratio of 3.66 and a beta of 1.68. Fox Factory has a 1 year low of $37.98 and a 1 year high of $117.68.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.10. The company had revenue of $333.50 million during the quarter, compared to analyst estimates of $327.58 million. Fox Factory had a net margin of 5.41% and a return on equity of 10.50%. The firm’s revenue for the quarter was down 16.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. Equities research analysts anticipate that Fox Factory will post 2.42 EPS for the current year.

Hedge Funds Weigh In On Fox Factory

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FOXF. Norges Bank bought a new position in Fox Factory during the fourth quarter worth about $31,429,000. FMR LLC lifted its holdings in shares of Fox Factory by 46.2% in the third quarter. FMR LLC now owns 1,136,720 shares of the company’s stock worth $112,626,000 after buying an additional 359,168 shares in the last quarter. Norden Group LLC lifted its holdings in shares of Fox Factory by 3,378.1% in the first quarter. Norden Group LLC now owns 286,420 shares of the company’s stock worth $14,914,000 after buying an additional 278,185 shares in the last quarter. Bamco Inc. NY purchased a new stake in shares of Fox Factory in the third quarter worth about $27,247,000. Finally, RWWM Inc. purchased a new stake in shares of Fox Factory in the fourth quarter worth about $7,969,000.

Fox Factory Company Profile

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.