Fox Factory (NASDAQ:FOXF) Updates FY 2024 Earnings Guidance

Fox Factory (NASDAQ:FOXF) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.400-1.720 for the period, compared to the consensus earnings per share estimate of 2.400. The company issued revenue guidance of $1.4 billion-$1.5 billion, compared to the consensus revenue estimate of $1.5 billion. Fox Factory also updated its Q3 guidance to $0.35 to $0.50 EPS.

Fox Factory Price Performance

Shares of NASDAQ:FOXF traded down $8.05 during midday trading on Friday, reaching $41.48. 1,501,707 shares of the company’s stock traded hands, 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 company 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 company has a debt-to-equity ratio of 0.63, a quick ratio of 1.85 and a current ratio of 3.43. The company has a fifty day simple moving average of $47.79 and a two-hundred day simple moving average of $50.32.

Fox Factory (NASDAQ:FOXF) last issued its earnings results on Thursday, August 1st. The company reported $0.38 earnings per share (EPS) for the quarter, topping 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 business had revenue of $348.49 million during the quarter, compared to the consensus estimate of $346.22 million. During the same period last year, the company earned $1.21 EPS. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. Equities analysts predict that Fox Factory will post 2.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on FOXF. Roth Mkm dropped their target price on Fox Factory from $55.00 to $45.00 and set a neutral rating for the company in a research report on Friday, May 3rd. Robert W. Baird decreased their price objective on Fox Factory from $48.00 to $45.00 and set a neutral rating for the company in a research note on Friday. B. Riley decreased their price objective on Fox Factory from $50.00 to $45.00 and set a neutral rating for the company in a research note on Friday. Truist Financial decreased their price objective on Fox Factory from $55.00 to $54.00 and set a buy rating for the company in a research note on Friday. Finally, 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 note on Monday, May 6th. One research 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’s stock. According to data from MarketBeat.com, Fox Factory currently has a consensus rating of Hold and an average price target of $47.00.

Insider Buying and Selling at Fox Factory

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