Fox Factory (NASDAQ:FOXF) Price Target Cut to $50.00

Fox Factory (NASDAQ:FOXF) had its target price decreased by analysts at Truist Financial from $60.00 to $50.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 14.89% from the stock’s previous close.

Several other brokerages have also recently commented on FOXF. StockNews.com cut Fox Factory from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Bank of America downgraded shares of Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, February 23rd. Stifel Nicolaus dropped their price objective on shares of Fox Factory from $56.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, April 24th. Robert W. Baird decreased their target price 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. Finally, Roth Mkm cut their price target on Fox Factory from $55.00 to $45.00 and set a “neutral” rating for the company in a report on Friday. One equities 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. According to data from MarketBeat.com, Fox Factory has a consensus rating of “Hold” and a consensus target price of $48.00.

Fox Factory Price Performance

Fox Factory stock traded up $4.10 during trading on Friday, reaching $43.52. The company had a trading volume of 1,149,487 shares, compared to its average volume of 638,720. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.91 and a current ratio of 3.70. The firm has a market capitalization of $1.83 billion, a PE ratio of 24.31, a price-to-earnings-growth 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. The firm’s 50-day simple moving average is $46.45 and its 200 day simple moving average is $59.53.

Fox Factory (NASDAQ:FOXF) last released its earnings results on Thursday, May 2nd. The company reported $0.29 EPS for the quarter, topping 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 10.50%. The company’s quarterly revenue was down 16.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.20 earnings per share. As a group, equities research analysts anticipate that Fox Factory will post 2.42 earnings per share for the current fiscal year.

Institutional Trading of Fox Factory

Hedge funds and other institutional investors have recently made changes to their positions in the company. FirstPurpose Wealth LLC raised its position in Fox Factory by 6.7% in the third quarter. FirstPurpose Wealth LLC now owns 2,907 shares of the company’s stock valued at $288,000 after purchasing an additional 183 shares during the period. Mariner LLC raised its holdings in Fox Factory by 5.1% in the 3rd quarter. Mariner LLC now owns 4,491 shares of the company’s stock valued at $445,000 after buying an additional 216 shares during the period. Coldstream Capital Management Inc. raised its holdings in Fox Factory by 11.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 2,167 shares of the company’s stock valued at $215,000 after buying an additional 217 shares during the period. CWM LLC boosted its stake in Fox Factory by 54.1% during the fourth quarter. CWM LLC now owns 624 shares of the company’s stock worth $42,000 after buying an additional 219 shares during the period. Finally, Inspire Investing LLC boosted its stake in Fox Factory by 8.1% during the third quarter. Inspire Investing LLC now owns 3,111 shares of the company’s stock worth $308,000 after buying an additional 234 shares during the period.

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.