FY2024 EPS Estimates for Fox Factory Holding Corp. Decreased by Analyst (NASDAQ:FOXF)

Fox Factory Holding Corp. (NASDAQ:FOXF) – Equities research analysts at B. Riley reduced their FY2024 earnings estimates for Fox Factory in a research note issued to investors on Friday, May 3rd. B. Riley analyst A. Glaessgen now expects that the company will post earnings of $2.32 per share for the year, down from their prior forecast of $2.35. B. Riley currently has a “Neutral” rating and a $45.00 target price on the stock. The consensus estimate for Fox Factory’s current full-year earnings is $2.42 per share.

Several other research analysts have also weighed in on the stock. StockNews.com lowered shares of Fox Factory from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Stifel Nicolaus lowered their price target on Fox Factory from $56.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, April 24th. Truist Financial reduced their price objective on Fox Factory from $60.00 to $50.00 and set a “buy” rating for the company in a report on Friday. Robert W. Baird lowered their target price on Fox Factory from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Bank of America downgraded Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 price target for the company. in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $48.00.

Fox Factory Stock Performance

Shares of FOXF opened at $43.52 on Monday. The company has a quick ratio of 1.91, a current ratio of 3.70 and a debt-to-equity ratio of 0.61. Fox Factory has a 52-week low of $37.98 and a 52-week high of $117.68. The company has a 50-day simple moving average of $46.45 and a 200-day simple moving average of $59.31. The company has a market capitalization of $1.83 billion, a PE ratio of 24.31, a P/E/G ratio of 3.66 and a beta of 1.68.

Fox Factory (NASDAQ:FOXF) last issued its earnings results on Thursday, May 2nd. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. The business had revenue of $333.50 million during the quarter, compared to the consensus estimate of $327.58 million. Fox Factory had a return on equity of 10.50% and a net margin of 5.41%. The company’s revenue for the quarter was down 16.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 EPS.

Hedge Funds Weigh In On Fox Factory

A number of institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in Fox Factory by 1.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 440,251 shares of the company’s stock valued at $43,620,000 after purchasing an additional 4,607 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Fox Factory by 26.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,065 shares of the company’s stock worth $700,000 after acquiring an additional 1,485 shares during the last quarter. Strs Ohio grew its stake in Fox Factory by 10.5% in the 3rd quarter. Strs Ohio now owns 4,200 shares of the company’s stock worth $416,000 after acquiring an additional 400 shares during the period. Advisor Partners II LLC acquired a new position in Fox Factory in the 3rd quarter valued at $224,000. Finally, Park Avenue Securities LLC purchased a new position in shares of Fox Factory during the 3rd quarter worth $302,000.

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.