Zacks Research Downgrades Fox Factory (NASDAQ:FOXF) to Strong Sell

Fox Factory (NASDAQ:FOXF) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus set a $33.00 price objective on shares of Fox Factory in a research report on Tuesday, October 7th. Weiss Ratings restated a “sell (d)” rating on shares of Fox Factory in a research note on Thursday, January 22nd. CJS Securities raised shares of Fox Factory to a “strong-buy” rating in a report on Thursday, December 11th. Finally, Roth Mkm cut their price objective on shares of Fox Factory from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $30.17.

Fox Factory Price Performance

Shares of NASDAQ FOXF opened at $18.36 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 2.98 and a debt-to-equity ratio of 0.69. The business’s 50 day moving average price is $17.82 and its two-hundred day moving average price is $22.30. The company has a market cap of $767.45 million, a PE ratio of -2.97 and a beta of 1.50. Fox Factory has a twelve month low of $13.08 and a twelve month high of $31.18.

Fox Factory (NASDAQ:FOXF) last issued its earnings results on Thursday, November 6th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.33). Fox Factory had a positive return on equity of 4.84% and a negative net margin of 17.66%.The business had revenue of $376.36 million for the quarter, compared to the consensus estimate of $382.59 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The business’s revenue was up 4.8% compared to the same quarter last year. On average, analysts predict that Fox Factory will post 1.31 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. acquired a new stake in shares of Fox Factory in the third quarter valued at approximately $25,000. First Horizon Corp acquired a new stake in Fox Factory during the third quarter worth approximately $25,000. Farther Finance Advisors LLC increased its stake in Fox Factory by 108.3% during the 4th quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company’s stock worth $36,000 after acquiring an additional 1,079 shares during the period. CWM LLC raised its holdings in Fox Factory by 91.3% in the 2nd quarter. CWM LLC now owns 2,565 shares of the company’s stock valued at $67,000 after acquiring an additional 1,224 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Fox Factory by 115.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,288 shares of the company’s stock valued at $111,000 after acquiring an additional 2,295 shares in the last quarter.

About Fox Factory

Fox Factory Holding Corp., headquartered in Duluth, Minnesota, designs, engineers and manufactures high-performance suspension systems, shock absorbers and related components for powersports, light-vehicle and mountain-bike applications. The company’s FOX brand offers a comprehensive portfolio of forks, shocks, coilovers and internal bypass dampers aimed at OEM and aftermarket customers seeking enhanced ride quality, control and durability across off-road vehicles, motorcycles and bicycles.

Founded in 1974 by Bob Fox in California, Fox Factory has expanded its technology base and market reach through strategic acquisitions such as Marzocchi Suspension, DVO Suspension and Walker Evans Racing.