Fox Factory (NASDAQ:FOXF) Cut to Underperform at Bank of America

Fox Factory (NASDAQ:FOXF) was downgraded by equities research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a report issued on Tuesday, MarketBeat Ratings reports. They currently have a $20.00 price objective on the stock. Bank of America‘s price target suggests a potential upside of 10.56% from the stock’s current price.

FOXF has been the topic of a number of other research reports. Needham & Company LLC reissued a “buy” rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Roth Mkm reiterated a “neutral” rating and issued a $20.00 target price on shares of Fox Factory in a research note on Friday, May 8th. Zacks Research raised Fox Factory from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 3rd. Stifel Nicolaus set a $24.00 price target on Fox Factory in a report on Thursday, April 16th. Finally, Weiss Ratings downgraded shares of Fox Factory from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Fox Factory presently has an average rating of “Hold” and a consensus target price of $23.20.

Fox Factory Price Performance

NASDAQ:FOXF opened at $18.09 on Tuesday. The firm has a market cap of $758.69 million, a price-to-earnings ratio of -2.52, a price-to-earnings-growth ratio of 0.65 and a beta of 1.37. The company has a current ratio of 2.99, a quick ratio of 1.52 and a debt-to-equity ratio of 1.00. The company’s 50-day moving average is $17.58 and its two-hundred day moving average is $17.72. Fox Factory has a 12-month low of $13.08 and a 12-month high of $31.18.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.09. The business had revenue of $368.66 million during the quarter, compared to the consensus estimate of $351.75 million. Fox Factory had a negative net margin of 20.25% and a positive return on equity of 5.20%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.23 earnings per share. Research analysts expect that Fox Factory will post 1.45 EPS for the current year.

Hedge Funds Weigh In On Fox Factory

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nantahala Capital Management LLC grew its holdings in shares of Fox Factory by 200.3% during the 4th quarter. Nantahala Capital Management LLC now owns 2,188,300 shares of the company’s stock worth $37,442,000 after purchasing an additional 1,459,652 shares during the period. Engine Capital Management LP lifted its position in Fox Factory by 162.3% during the first quarter. Engine Capital Management LP now owns 2,026,230 shares of the company’s stock valued at $33,352,000 after buying an additional 1,253,808 shares in the last quarter. Towle & Co. purchased a new stake in Fox Factory during the fourth quarter worth approximately $8,967,000. ArrowMark Colorado Holdings LLC grew its stake in Fox Factory by 72.9% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,239,216 shares of the company’s stock worth $30,101,000 after buying an additional 522,391 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Fox Factory by 294.3% in the fourth quarter. Renaissance Technologies LLC now owns 547,693 shares of the company’s stock worth $9,371,000 after acquiring an additional 408,800 shares in the last quarter.

About Fox Factory

Fox Factory Holding Corp., headquartered in Duluth, Minnesota, designs, engineers and manufactures high-performance suspension systems, shock absorbers and related components for powersports, light-vehicle and mountain-bike applications. The company’s FOX brand offers a comprehensive portfolio of forks, shocks, coilovers and internal bypass dampers aimed at OEM and aftermarket customers seeking enhanced ride quality, control and durability across off-road vehicles, motorcycles and bicycles.

Founded in 1974 by Bob Fox in California, Fox Factory has expanded its technology base and market reach through strategic acquisitions such as Marzocchi Suspension, DVO Suspension and Walker Evans Racing.