B. Riley Lowers Fox Factory (NASDAQ:FOXF) Price Target to $45.00

Fox Factory (NASDAQ:FOXF) had its target price cut by B. Riley from $50.00 to $45.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a neutral rating on the stock. B. Riley also issued estimates for Fox Factory’s Q3 2024 earnings at $0.85 EPS and Q4 2024 earnings at $0.86 EPS.

Several other research firms also recently weighed in on FOXF. Roth Mkm dropped their price target on Fox Factory from $55.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. 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 report on Friday. Bank of America decreased their price objective on Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a report on Monday, May 6th. Stifel Nicolaus decreased their price objective on Fox Factory from $56.00 to $45.00 and set a hold rating for the company in a report on Wednesday, April 24th. Finally, 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 report on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $47.00.

Fox Factory Stock Performance

Fox Factory stock traded down $1.81 during trading hours on Friday, hitting $39.49. 243,442 shares of the stock traded hands, compared to its average volume of 614,784. 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’s 50 day moving average price is $47.79 and its 200-day moving average price is $50.32. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 22.30, a P/E/G ratio of 2.10 and a beta of 1.66. Fox Factory has a 1 year low of $37.48 and a 1 year high of $117.68.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 7.62% and a net margin of 3.07%. The company’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.21 EPS. As a group, equities analysts expect that Fox Factory will post 2.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Thomas L. Fletcher sold 2,000 shares of the company’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 completion of the transaction, the insider now owns 11,311 shares of the company’s stock, valued at approximately $502,321.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Thomas L. Fletcher sold 2,000 shares of the company’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 completion of the transaction, the insider now owns 11,311 shares of the company’s stock, valued at approximately $502,321.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael C. Dennison purchased 11,250 shares of Fox Factory stock in a transaction that occurred on Monday, June 10th. The stock was acquired at an average cost 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 disclosure for this purchase can be found here. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fox Factory

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Fox Factory by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 4,470,762 shares of the company’s stock worth $232,793,000 after buying an additional 228,339 shares in the last quarter. Clearbridge Investments LLC grew its position in shares of Fox Factory by 0.6% in the first quarter. Clearbridge Investments LLC now owns 1,230,987 shares of the company’s stock valued at $64,097,000 after purchasing an additional 7,468 shares in the last quarter. Conestoga Capital Advisors LLC grew its position in shares of Fox Factory by 0.3% in the fourth quarter. Conestoga Capital Advisors LLC now owns 1,134,439 shares of the company’s stock valued at $76,552,000 after purchasing an additional 3,935 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Fox Factory by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 821,862 shares of the company’s stock valued at $55,461,000 after purchasing an additional 12,474 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Fox Factory in the fourth quarter valued at approximately $31,429,000.

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.