Fox Factory (NASDAQ:FOXF) Raised to “Strong-Buy” at Zacks Research

Fox Factory (NASDAQ:FOXF) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

A number of other equities analysts have also recently commented on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fox Factory in a research report on Friday, August 7th. Needham & Company LLC restated a “buy” rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Bank of America cut shares of Fox Factory from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $24.00 to $20.00 in a research note on Tuesday, June 30th. Roth Capital reaffirmed a “neutral” rating and set a $20.00 target price on shares of Fox Factory in a report on Friday, May 8th. Finally, Fox Advisors set a $20.00 price target on shares of Fox Factory in a research note on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Fox Factory has an average rating of “Moderate Buy” and an average target price of $21.00.

Fox Factory Stock Performance

Shares of FOXF stock opened at $20.04 on Monday. The stock has a market cap of $842.28 million, a P/E ratio of -2.81, a P/E/G ratio of 0.59 and a beta of 1.38. The company has a debt-to-equity ratio of 0.96, a current ratio of 3.10 and a quick ratio of 1.55. The company has a fifty day moving average price of $19.15 and a two-hundred day moving average price of $18.02. Fox Factory has a one year low of $13.08 and a one year high of $29.97.

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

Institutional Investors Weigh In On Fox Factory

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its stake in Fox Factory by 82.2% during the 1st quarter. Royal Bank of Canada now owns 12,898 shares of the company’s stock worth $301,000 after acquiring an additional 5,820 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Fox Factory by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,142 shares of the company’s stock valued at $587,000 after acquiring an additional 1,103 shares during the period. Millennium Management LLC grew its holdings in shares of Fox Factory by 18.7% during the 1st quarter. Millennium Management LLC now owns 464,493 shares of the company’s stock worth $10,841,000 after purchasing an additional 73,090 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Fox Factory during the 1st quarter worth $263,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Fox Factory by 20.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,431 shares of the company’s stock worth $2,041,000 after purchasing an additional 15,021 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.