Fox Factory (NASDAQ:FOXF) Releases Q3 Earnings Guidance

Fox Factory (NASDAQ:FOXF) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.35 to $0.50 for the period, compared to the consensus estimate of $0.81. The company issued revenue guidance of $355 million to $385 million, compared to the consensus revenue estimate of $417.39 million. Fox Factory also updated its FY 2024 guidance to 1.400-1.720 EPS.

Wall Street Analysts Forecast Growth

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

Fox Factory Trading Down 16.3 %

Shares of FOXF traded down $8.05 during midday trading on Friday, reaching $41.48. The company had a trading volume of 1,501,707 shares, compared to its average volume of 478,198. Fox Factory has a 1-year low of $37.98 and a 1-year high of $117.68. The stock has a market cap of $1.73 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 2.10 and a beta of 1.66. The firm has a 50 day simple moving average of $47.79 and a 200-day simple moving average of $50.52. The company has a quick ratio of 1.85, a current ratio of 3.43 and a debt-to-equity ratio of 0.63.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The firm had revenue of $348.49 million during the quarter, compared to the consensus estimate of $346.22 million. Fox Factory had a return on equity of 7.62% and a net margin of 3.07%. The company’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period last year, the company earned $1.21 EPS. Research analysts forecast that Fox Factory will post 2.4 EPS for the current fiscal year.

Insider Buying and Selling

In other Fox Factory news, insider Thomas L. Fletcher sold 2,000 shares of Fox Factory 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 completion of the transaction, the insider now directly owns 11,311 shares of the company’s stock, valued at approximately $502,321.51. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Michael C. Dennison bought 11,250 shares of the company’s stock in a transaction on Monday, June 10th. The stock was bought 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas L. Fletcher sold 2,000 shares of Fox Factory stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $44.41, for a total value of $88,820.00. Following the completion of the transaction, the insider now owns 11,311 shares of the company’s stock, valued at approximately $502,321.51. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

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.