Fox Factory (NASDAQ:FOXF) Trading Up 9.1% After Earnings Beat

Fox Factory Holding Corp. (NASDAQ:FOXF) shares were up 9.1% during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $44.91 and last traded at $43.00. Approximately 241,357 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 609,605 shares. The stock had previously closed at $39.42.

The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.19 by $0.10. The firm had revenue of $333.50 million for the quarter, compared to analysts’ expectations of $327.58 million. Fox Factory had a return on equity of 10.50% and a net margin of 5.41%. The business’s quarterly revenue was down 16.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS.

Wall Street Analysts Forecast Growth

FOXF has been the topic of a number of recent analyst reports. Roth Mkm lowered their target price on shares of Fox Factory from $55.00 to $45.00 and set a “neutral” rating on the stock in a report on Friday. Robert W. Baird lowered their price objective on shares of Fox Factory from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Friday. B. Riley cut their target price on shares of Fox Factory from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Friday. StockNews.com downgraded Fox Factory from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Finally, Truist Financial cut their price objective on Fox Factory from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $48.00.

Institutional Investors Weigh In On Fox Factory

Several hedge funds have recently bought and sold shares of FOXF. FORA Capital LLC bought a new position in shares of Fox Factory during the first quarter worth approximately $688,000. Fifth Lane Capital LP bought a new position in Fox Factory during the 1st quarter worth $381,000. Capstone Investment Advisors LLC bought a new position in Fox Factory during the 1st quarter worth $543,000. Precision Wealth Strategies LLC lifted its holdings in shares of 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 buying an additional 775 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new stake in shares of Fox Factory in the first quarter valued at about $251,000.

Fox Factory Price Performance

The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 24.31, a P/E/G ratio of 3.32 and a beta of 1.68. The company’s 50 day moving average is $46.45 and its 200 day moving average is $59.53. The company has a quick ratio of 1.91, a current ratio of 3.70 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.