Fox Factory (NASDAQ:FOXF) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Fox Factory (NASDAQ:FOXF) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

Several other equities research analysts also recently issued reports on FOXF. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Fox Factory in a research note on Thursday, January 22nd. Stifel Nicolaus set a $33.00 target price on Fox Factory in a research note on Tuesday, October 7th. Roth Mkm cut their price target on Fox Factory from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 6th. Finally, CJS Securities raised Fox Factory to a “strong-buy” rating in a report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Fox Factory presently has a consensus rating of “Hold” and a consensus target price of $30.17.

Fox Factory Stock Up 4.6%

NASDAQ FOXF opened at $19.20 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 2.98 and a debt-to-equity ratio of 0.69. Fox Factory has a fifty-two week low of $13.08 and a fifty-two week high of $31.18. The business has a 50 day moving average price of $17.91 and a two-hundred day moving average price of $22.25. The stock has a market cap of $802.56 million, a PE ratio of -3.11 and a beta of 1.50.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.33). The firm had revenue of $376.36 million for the quarter, compared to analysts’ expectations of $382.59 million. Fox Factory had a negative net margin of 17.66% and a positive return on equity of 4.84%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.35 EPS. As a group, sell-side analysts predict that Fox Factory will post 1.31 EPS for the current fiscal year.

Institutional Trading of Fox Factory

Several institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings 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 buying an additional 5,820 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Fox Factory by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,142 shares of the company’s stock worth $587,000 after purchasing an additional 1,103 shares during the last quarter. Millennium Management LLC boosted its holdings in Fox Factory by 18.7% in the first 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 during the period. Dynamic Technology Lab Private Ltd acquired a new position in Fox Factory in the first quarter worth $263,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Fox Factory by 20.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,431 shares of the company’s stock valued at $2,041,000 after purchasing an additional 15,021 shares during the last quarter.

Fox Factory Company Profile

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.