Fox Factory (NASDAQ:FOXF) Hits New 52-Week Low Following Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF) reached a new 52-week low during trading on Wednesday after Truist Financial lowered their price target on the stock from $42.00 to $40.00. Truist Financial currently has a buy rating on the stock. Fox Factory traded as low as $28.28 and last traded at $28.41, with a volume of 39976 shares changing hands. The stock had previously closed at $29.61.

Other equities research analysts have also recently issued research reports about the company. Bank of America dropped their price target on Fox Factory from $53.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Roth Mkm decreased their target price on shares of Fox Factory from $45.00 to $36.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. StockNews.com upgraded Fox Factory from a “sell” rating to a “hold” rating in a research note on Thursday, November 28th. Robert W. Baird reduced their target price on Fox Factory from $45.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. Finally, Stifel Nicolaus raised shares of Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Wednesday, December 11th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $40.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in Fox Factory by 271.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 190,870 shares of the company’s stock worth $7,921,000 after purchasing an additional 139,512 shares during the last quarter. Synovus Financial Corp raised its position in shares of Fox Factory by 20.3% during the third quarter. Synovus Financial Corp now owns 23,306 shares of the company’s stock worth $967,000 after acquiring an additional 3,934 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Fox Factory by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,002,109 shares of the company’s stock worth $41,595,000 after acquiring an additional 8,474 shares during the period. Disciplined Growth Investors Inc. MN bought a new stake in Fox Factory in the third quarter valued at approximately $5,743,000. Finally, M&T Bank Corp increased its position in Fox Factory by 70.4% during the 3rd quarter. M&T Bank Corp now owns 36,795 shares of the company’s stock valued at $1,528,000 after purchasing an additional 15,201 shares during the period.

Fox Factory Trading Down 3.5 %

The stock has a market cap of $1.19 billion, a P/E ratio of 109.93, a price-to-earnings-growth ratio of 2.55 and a beta of 1.60. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.62 and a current ratio of 3.21. The firm’s fifty day simple moving average is $31.85 and its 200-day simple moving average is $38.89.

Fox Factory (NASDAQ:FOXF) last announced its earnings results on Thursday, October 31st. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. The firm had revenue of $359.10 million for the quarter, compared to the consensus estimate of $366.86 million. During the same period in the prior year, the business earned $1.05 EPS. Fox Factory’s quarterly revenue was up 8.4% on a year-over-year basis. Equities research analysts expect that Fox Factory Holding Corp. will post 1.31 EPS for the current fiscal year.

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.