Fox Factory Holding Corp. (NASDAQ:FOXF) Receives Average Recommendation of “Hold” from Brokerages

Fox Factory Holding Corp. (NASDAQ:FOXF) has been assigned a consensus rating of “Hold” from the six analysts that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $21.00.

A number of research firms have commented on FOXF. Roth Capital reissued a “neutral” rating and issued a $20.00 target price on shares of Fox Factory in a report on Friday, May 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fox Factory in a research report on Friday, August 7th. Fox Advisors set a $20.00 target price on Fox Factory in a research report on Tuesday, June 30th. Bank of America cut shares of Fox Factory from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $24.00 to $20.00 in a research note on Tuesday, June 30th. Finally, Zacks Research raised shares of Fox Factory from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 3rd.

Fox Factory Stock Performance

Shares of Fox Factory stock opened at $21.72 on Thursday. Fox Factory has a 1 year low of $13.08 and a 1 year high of $30.75. The firm’s 50-day moving average is $18.30 and its 200 day moving average is $17.81. The stock has a market cap of $912.91 million, a price-to-earnings ratio of -3.04, a PEG ratio of 0.62 and a beta of 1.35. The company has a debt-to-equity ratio of 0.96, a current ratio of 3.10 and a quick ratio of 1.55.

Fox Factory (NASDAQ:FOXF) last issued its earnings results on Thursday, August 6th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.19. The business had revenue of $358.12 million during the quarter, compared to analysts’ expectations of $352.94 million. Fox Factory had a negative net margin of 20.39% and a positive return on equity of 5.57%. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.40 earnings per share. Sell-side analysts anticipate that Fox Factory will post 1.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FOXF. BlackRock Inc. purchased a new stake in Fox Factory during the 2nd quarter valued at $109,706,000. RWWM Inc. increased its position in Fox Factory by 4.7% during the first quarter. RWWM Inc. now owns 5,533,072 shares of the company’s stock valued at $91,074,000 after acquiring an additional 247,635 shares during the last quarter. Nantahala Capital Management LLC lifted its holdings in Fox Factory by 200.3% in the fourth quarter. Nantahala Capital Management LLC now owns 2,188,300 shares of the company’s stock valued at $37,442,000 after acquiring an additional 1,459,652 shares during the period. Engine Capital Management LP lifted its holdings in Fox Factory by 162.3% in the first quarter. Engine Capital Management LP now owns 2,026,230 shares of the company’s stock valued at $33,352,000 after acquiring an additional 1,253,808 shares during the period. Finally, Estuary Capital Management LP boosted its position in Fox Factory by 15.3% in the first quarter. Estuary Capital Management LP now owns 1,815,271 shares of the company’s stock worth $29,879,000 after purchasing an additional 240,512 shares during 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.