Fox Factory (NASDAQ:FOXF) Hits New 52-Week Low on Analyst Downgrade

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF) reached a new 52-week low on Wednesday after Stifel Nicolaus lowered their price target on the stock from $56.00 to $45.00. Stifel Nicolaus currently has a hold rating on the stock. Fox Factory traded as low as $39.90 and last traded at $39.99, with a volume of 72353 shares traded. The stock had previously closed at $40.64.

Several other research analysts have also recently weighed in on the company. Bank of America cut Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research report on Friday, February 23rd. Truist Financial reduced their price objective on Fox Factory from $90.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, February 23rd. Finally, StockNews.com cut Fox Factory from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $66.00.

Institutional Trading of Fox Factory

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. bought a new stake in Fox Factory in the first quarter valued at approximately $3,296,000. Louisiana State Employees Retirement System raised its stake in Fox Factory by 2.5% in the first quarter. Louisiana State Employees Retirement System now owns 12,200 shares of the company’s stock valued at $635,000 after buying an additional 300 shares during the period. Maryland State Retirement & Pension System bought a new stake in Fox Factory in the first quarter valued at approximately $781,000. Norden Group LLC raised its stake in Fox Factory by 3,378.1% in the first quarter. Norden Group LLC now owns 286,420 shares of the company’s stock valued at $14,914,000 after buying an additional 278,185 shares during the period. Finally, Cannon Global Investment Management LLC bought a new stake in Fox Factory in the first quarter valued at approximately $260,000.

Fox Factory Stock Down 1.9 %

The company has a quick ratio of 1.91, a current ratio of 3.70 and a debt-to-equity ratio of 0.61. The firm has a 50 day simple moving average of $50.28 and a 200-day simple moving average of $62.32. The stock has a market cap of $1.67 billion, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 3.42 and a beta of 1.64.

Fox Factory (NASDAQ:FOXF) last posted its earnings results on Thursday, February 22nd. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.34). Fox Factory had a net margin of 8.25% and a return on equity of 13.86%. The firm had revenue of $332.50 million during the quarter, compared to analyst estimates of $327.07 million. During the same period in the previous year, the company posted $1.43 EPS. Fox Factory’s revenue for the quarter was down 18.6% compared to the same quarter last year. On average, equities research analysts forecast that Fox Factory Holding Corp. will post 2.42 earnings per share for the current fiscal year.

About Fox Factory

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.