Fox Factory (NASDAQ:FOXF) Trading Down 6.1% – Here’s What Happened

Fox Factory Holding Corp. (NASDAQ:FOXF)’s share price traded down 6.1% on Thursday . The stock traded as low as $15.93 and last traded at $15.9850. 39,557 shares were traded during mid-day trading, a decline of 94% from the average session volume of 675,399 shares. The stock had previously closed at $17.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FOXF shares. CJS Securities upgraded Fox Factory to a “strong-buy” rating in a report on Thursday, December 11th. Weiss Ratings reiterated a “sell (d)” rating on shares of Fox Factory in a research note on Thursday, January 22nd. Roth Mkm dropped their price target on Fox Factory from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, January 6th. Finally, Zacks Research upgraded Fox Factory from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $28.60.

Fox Factory Stock Down 2.4%

The stock has a 50-day moving average of $17.95 and a 200 day moving average of $19.14. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.86 and a quick ratio of 1.37. The company has a market cap of $696.92 million, a P/E ratio of -1.28 and a beta of 1.46.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. Fox Factory had a negative net margin of 37.11% and a positive return on equity of 5.06%. The business had revenue of $361.07 million during the quarter, compared to the consensus estimate of $353.88 million. During the same period in the previous year, the business earned $0.31 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. Research analysts anticipate that Fox Factory Holding Corp. will post 1.31 earnings per share for the current year.

Institutional Investors Weigh In On Fox Factory

Hedge funds have recently modified their holdings of the company. Nantahala Capital Management LLC raised its position in Fox Factory by 200.3% in the fourth quarter. Nantahala Capital Management LLC now owns 2,188,300 shares of the company’s stock valued at $37,442,000 after purchasing an additional 1,459,652 shares during the last quarter. Divisadero Street Capital Management LP bought a new stake in shares of Fox Factory during the second quarter worth about $21,228,000. Engine Capital Management LP acquired a new position in shares of Fox Factory in the fourth quarter valued at approximately $13,216,000. Towle & Co. bought a new position in Fox Factory in the 4th quarter valued at approximately $8,967,000. Finally, ArrowMark Colorado Holdings LLC raised its holdings in Fox Factory by 72.9% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,239,216 shares of the company’s stock valued at $30,101,000 after buying an additional 522,391 shares during 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.