B. Riley Has Pessimistic View of Fox Factory FY2024 Earnings

Fox Factory Holding Corp. (NASDAQ:FOXF) – Investment analysts at B. Riley reduced their FY2024 earnings estimates for shares of Fox Factory in a research report issued to clients and investors on Thursday, October 31st. B. Riley analyst A. Glaessgen now forecasts that the company will post earnings of $1.32 per share for the year, down from their previous forecast of $1.42. B. Riley has a “Neutral” rating and a $45.00 price objective on the stock. The consensus estimate for Fox Factory’s current full-year earnings is $1.56 per share. B. Riley also issued estimates for Fox Factory’s Q4 2024 earnings at $0.30 EPS.

Several other research analysts have also issued reports on FOXF. Bank of America dropped their price objective on Fox Factory from $53.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Robert W. Baird dropped their target price on shares of Fox Factory from $45.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday. Roth Mkm decreased their price objective on shares of Fox Factory from $45.00 to $36.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Truist Financial reduced their target price on Fox Factory from $54.00 to $42.00 and set a “buy” rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $41.50.

Fox Factory Price Performance

Fox Factory stock opened at $34.02 on Monday. The business has a 50 day simple moving average of $39.47 and a 200 day simple moving average of $43.26. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.13 and a quick ratio of 1.63. The company has a market capitalization of $1.42 billion, a PE ratio of 130.85, a price-to-earnings-growth ratio of 2.45 and a beta of 1.65. Fox Factory has a one year low of $31.19 and a one year high of $86.14.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.07). The business had revenue of $359.10 million during the quarter, compared to analyst estimates of $366.86 million. Fox Factory had a return on equity of 5.22% and a net margin of 0.78%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the company earned $1.05 EPS.

Institutional Investors Weigh In On Fox Factory

A number of institutional investors and hedge funds have recently modified their holdings of FOXF. Norden Group LLC raised its position in shares of Fox Factory by 72.3% during the 1st quarter. Norden Group LLC now owns 14,188 shares of the company’s stock valued at $739,000 after acquiring an additional 5,953 shares during the last quarter. Diversify Advisory Services LLC acquired a new position in Fox Factory in the first quarter valued at about $251,000. Capstone Investment Advisors LLC bought a new position in Fox Factory during the first quarter worth about $543,000. FORA Capital LLC bought a new position in Fox Factory during the first quarter worth about $688,000. Finally, Texas Permanent School Fund Corp grew its position in shares of Fox Factory by 1.1% during the 1st quarter. Texas Permanent School Fund Corp now owns 37,006 shares of the company’s stock worth $1,927,000 after buying an additional 395 shares during the period.

Insider Transactions at Fox Factory

In other news, CEO Michael C. Dennison bought 4,800 shares of the stock in a transaction dated Tuesday, August 6th. The stock was bought at an average cost of $41.44 per share, with a total value of $198,912.00. Following the purchase, the chief executive officer now owns 135,066 shares of the company’s stock, valued at approximately $5,597,135.04. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

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.