Fox Factory (NASDAQ:FOXF) Updates 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.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FOXF. B. Riley reduced their target price on Fox Factory from $50.00 to $45.00 and set a neutral rating for the company in a report on Friday. Bank of America reduced their price objective on Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a research note on Monday, May 6th. Truist Financial dropped their target price on Fox Factory from $55.00 to $54.00 and set a buy rating on the stock in a report on Friday. Robert W. Baird decreased their price target on shares of Fox Factory from $48.00 to $45.00 and set a neutral rating for the company in a report on Friday. Finally, Stifel Nicolaus dropped their price objective on shares of Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $47.00.

Fox Factory Stock Down 16.3 %

NASDAQ:FOXF traded down $8.05 during mid-day trading on Friday, reaching $41.48. The stock had a trading volume of 1,501,707 shares, compared to its average volume of 478,198. 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 stock has a market cap of $1.73 billion, a P/E ratio of 23.17, a PEG ratio of 2.10 and a beta of 1.66. The business’s 50 day moving average is $47.79 and its 200 day moving average is $50.32. Fox Factory has a fifty-two week low of $37.98 and a fifty-two week high of $117.68.

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

Insider Transactions at Fox Factory

In other news, insider Thomas L. Fletcher sold 2,000 shares of Fox Factory stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $44.41, for a total value of $88,820.00. Following the transaction, the insider now owns 11,311 shares of the company’s stock, valued at $502,321.51. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Thomas L. Fletcher sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $44.41, for a total value of $88,820.00. Following the sale, the insider now directly owns 11,311 shares of the company’s stock, valued at $502,321.51. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael C. Dennison acquired 11,250 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were acquired at an average cost of $44.30 per share, with a total value of $498,375.00. Following the transaction, 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 currently owned by corporate insiders.

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.