Truist Financial Cuts Fox Factory (NASDAQ:FOXF) Price Target to $50.00

Fox Factory (NASDAQ:FOXF) had its price target lowered by Truist Financial from $60.00 to $50.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also issued reports on FOXF. StockNews.com lowered Fox Factory from a hold rating to a sell rating in a report on Monday, February 26th. Robert W. Baird reduced their target price on shares of Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a report on Friday. Stifel Nicolaus decreased their target price on shares of Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research note on Wednesday, April 24th. Roth Mkm dropped their price target on shares of Fox Factory from $55.00 to $45.00 and set a neutral rating for the company in a research report on Friday. Finally, Bank of America cut shares of Fox Factory from a buy rating to a neutral rating and set a $55.00 target price on the stock. in a research note on Friday, February 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Fox Factory currently has an average rating of Hold and a consensus price target of $48.00.

Fox Factory Trading Up 10.4 %

Fox Factory stock opened at $43.52 on Friday. The business has a 50-day simple moving average of $46.45 and a two-hundred day simple moving average of $59.31. Fox Factory has a 52-week low of $37.98 and a 52-week high of $117.68. The company has a quick ratio of 1.85, a current ratio of 3.43 and a debt-to-equity ratio of 0.63. The company has a market cap of $1.83 billion, a P/E ratio of 24.31, a P/E/G ratio of 3.66 and a beta of 1.68.

Fox Factory (NASDAQ:FOXF) last announced its earnings results on Thursday, May 2nd. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. The business had revenue of $333.50 million during the quarter, compared to analysts’ expectations of $327.58 million. Fox Factory had a net margin of 5.41% and a return on equity of 10.56%. The firm’s revenue was down 16.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 earnings per share. Analysts predict that Fox Factory will post 2.42 EPS for the current year.

Hedge Funds Weigh In On Fox Factory

Hedge funds have recently modified their holdings of the stock. Operose Advisors LLC bought a new position in Fox Factory during the third quarter valued at approximately $37,000. Assetmark Inc. lifted its position in Fox Factory by 171.4% during the third quarter. Assetmark Inc. now owns 380 shares of the company’s stock valued at $38,000 after purchasing an additional 240 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Fox Factory in the 4th quarter worth about $31,000. GAMMA Investing LLC purchased a new stake in shares of Fox Factory during the 4th quarter valued at about $29,000. Finally, CWM LLC grew its position in Fox Factory by 54.1% in the fourth quarter. CWM LLC now owns 624 shares of the company’s stock worth $42,000 after acquiring an additional 219 shares in the last quarter.

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.