Bank of America Cuts Fox Factory (NASDAQ:FOXF) Price Target to $48.00

Fox Factory (NASDAQ:FOXF) had its price target trimmed by Bank of America from $55.00 to $48.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities analysts have also recently issued reports about the company. Robert W. Baird decreased their target price on Fox Factory from $55.00 to $48.00 and set a neutral rating on the stock in a report on Friday, May 3rd. B. Riley reduced their price objective 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, May 3rd. Truist Financial dropped their target price on shares of Fox Factory from $60.00 to $50.00 and set a buy rating on the stock in a research report on Friday, May 3rd. StockNews.com lowered shares of Fox Factory from a hold rating to a sell rating in a research note on Monday, February 26th. Finally, Roth Mkm cut their target price on shares of Fox Factory from $55.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Fox Factory currently has an average rating of Hold and an average price target of $46.83.

Fox Factory Stock Performance

FOXF stock opened at $47.46 on Monday. The company has a current ratio of 3.43, a quick ratio of 1.85 and a debt-to-equity ratio of 0.63. Fox Factory has a 12-month low of $37.98 and a 12-month high of $117.68. The stock’s 50 day simple moving average is $46.07 and its 200 day simple moving average is $58.53. The firm has a market cap of $1.98 billion, a P/E ratio of 26.51, a P/E/G ratio of 3.66 and a beta of 1.68.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.19 by $0.10. The company had revenue of $333.50 million for 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 10.56%. Fox Factory’s revenue was down 16.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.20 earnings per share. As a group, equities research analysts predict that Fox Factory will post 2.42 EPS for the current year.

Institutional Trading of Fox Factory

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC acquired a new position in shares of Fox Factory in the 4th quarter valued at $29,000. Quest Partners LLC bought a new stake in shares of Fox Factory in the 4th quarter valued at about $31,000. Operose Advisors LLC bought a new position in shares of Fox Factory in the third quarter valued at about $37,000. Assetmark Inc. boosted its stake in Fox Factory by 171.4% in the 3rd quarter. Assetmark Inc. now owns 380 shares of the company’s stock valued at $38,000 after purchasing an additional 240 shares during the period. Finally, CWM LLC raised its holdings in Fox Factory by 54.1% in the 4th quarter. CWM LLC now owns 624 shares of the company’s stock valued at $42,000 after acquiring an additional 219 shares in the last quarter.

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.