Fox Factory (NASDAQ:FOXF) Releases Q3 2024 Earnings Guidance

Fox Factory (NASDAQ:FOXF) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.350-0.500 for the period, compared to the consensus estimate of 0.810. The company issued revenue guidance of $355.0 million-$385.0 million, compared to the consensus revenue estimate of $416.0 million. Fox Factory also updated its FY 2024 guidance to 1.400-1.720 EPS.

Fox Factory Trading Down 16.3 %

Shares of Fox Factory stock traded down $8.05 on Friday, reaching $41.48. The company had a trading volume of 1,501,707 shares, compared to its average volume of 478,198. The firm’s 50-day moving average price is $47.79 and its two-hundred day moving average price is $50.32. Fox Factory has a 1 year low of $37.98 and a 1 year high of $117.68. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.43 and a quick ratio of 1.85. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 23.17, a P/E/G ratio of 2.10 and a beta of 1.66.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. Fox Factory had a return on equity of 7.62% and a net margin of 3.07%. The company had revenue of $348.49 million during the quarter, compared to analysts’ expectations of $346.22 million. During the same quarter in the previous year, the business earned $1.21 EPS. Fox Factory’s revenue was down 13.0% compared to the same quarter last year. As a group, research analysts predict that Fox Factory will post 2.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Bank of America decreased their target price on Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a research report on Monday, May 6th. B. Riley lowered their target price on Fox Factory from $50.00 to $45.00 and set a neutral rating on the stock in a research note on Friday. Stifel Nicolaus lowered their target price on Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research note on Wednesday, April 24th. Robert W. Baird lowered their price target on Fox Factory from $48.00 to $45.00 and set a neutral rating on the stock in a research report on Friday. Finally, Truist Financial lowered their price target on Fox Factory from $55.00 to $54.00 and set a buy rating on the stock in a research report on Friday. 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $47.00.

Insider Buying and Selling at Fox Factory

In other news, insider Thomas L. Fletcher sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $44.41, for a total transaction of $88,820.00. Following the sale, the insider now owns 11,311 shares of the company’s stock, valued at approximately $502,321.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Thomas L. Fletcher sold 2,000 shares of Fox Factory stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $44.41, for a total transaction of $88,820.00. Following the completion of the transaction, the insider now directly owns 11,311 shares in the company, valued at approximately $502,321.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael C. Dennison purchased 11,250 shares of the business’s stock in a transaction on Monday, June 10th. The stock was acquired at an average price of $44.30 per share, with a total value of $498,375.00. Following the completion of the acquisition, the chief executive officer now directly owns 130,266 shares in the company, valued at approximately $5,770,783.80. The disclosure for this purchase can be found here. 0.30% of the stock is owned by corporate insiders.

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.