Fox Factory (NASDAQ:FOXF) Updates Q2 2022 Earnings Guidance

Fox Factory (NASDAQ:FOXFGet Rating) updated its second quarter 2022 earnings guidance on Monday. The company provided earnings per share guidance of $1.10-$1.25 for the period, compared to the consensus earnings per share estimate of $1.30. The company issued revenue guidance of $385.00 million-$405.00 million, compared to the consensus revenue estimate of $369.69 million.Fox Factory also updated its FY 2022 guidance to $5.00-$5.30 EPS.

A number of equities research analysts have recently issued reports on FOXF shares. StockNews.com initiated coverage on Fox Factory in a research note on Thursday, March 31st. They set a hold rating on the stock. Zacks Investment Research upgraded Fox Factory from a hold rating to a buy rating and set a $91.00 target price on the stock in a report on Monday, May 9th. TheStreet cut Fox Factory from a b rating to a c+ rating in a report on Thursday, March 10th. Finally, Truist Financial decreased their target price on shares of Fox Factory from $200.00 to $175.00 in a research report on Monday, February 28th.

Shares of NASDAQ:FOXF traded down $2.06 during midday trading on Monday, hitting $81.10. 255 shares of the company’s stock traded hands, compared to its average volume of 257,139. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.93 and a current ratio of 3.05. The company has a market cap of $3.42 billion, a PE ratio of 20.28, a P/E/G ratio of 0.82 and a beta of 1.80. The firm’s fifty day moving average price is $93.27 and its two-hundred day moving average price is $132.36. Fox Factory has a twelve month low of $74.67 and a twelve month high of $190.29.

Fox Factory (NASDAQ:FOXFGet Rating) last posted its earnings results on Thursday, May 5th. The company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.18. The business had revenue of $377.98 million for the quarter, compared to analyst estimates of $335.60 million. Fox Factory had a net margin of 12.46% and a return on equity of 23.11%. The business’s quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.05 EPS. As a group, equities research analysts anticipate that Fox Factory will post 5.2 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of FOXF. Covestor Ltd lifted its position in shares of Fox Factory by 58.4% during the first quarter. Covestor Ltd now owns 358 shares of the company’s stock worth $35,000 after purchasing an additional 132 shares during the last quarter. Lazard Asset Management LLC bought a new stake in shares of Fox Factory in the 1st quarter valued at approximately $69,000. Verition Fund Management LLC acquired a new stake in shares of Fox Factory during the 1st quarter valued at approximately $250,000. HighTower Advisors LLC raised its position in shares of Fox Factory by 21.8% during the 1st quarter. HighTower Advisors LLC now owns 3,363 shares of the company’s stock valued at $328,000 after acquiring an additional 601 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of Fox Factory by 10.7% during the 1st quarter. Bank of Montreal Can now owns 3,626 shares of the company’s stock valued at $380,000 after acquiring an additional 351 shares in the last quarter. Hedge funds and other institutional investors own 99.49% of the company’s stock.

About Fox Factory (Get Rating)

Fox Factory Holding Corp. designs, engineers, manufactures, and markets ride dynamics products worldwide. The company offers mid-end and high-end front fork and rear suspension products for mountain bikes, road bikes, and e-bikes; and 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.

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