Fox Factory (NASDAQ:FOXF) Stock Price Down 7.3% – Here’s Why

Fox Factory Holding Corp. (NASDAQ:FOXF)’s share price traded down 7.3% on Friday . The company traded as low as $24.02 and last traded at $23.86. 142,627 shares were traded during trading, a decline of 78% from the average session volume of 637,248 shares. The stock had previously closed at $25.74.

Analyst Upgrades and Downgrades

FOXF has been the topic of several recent research reports. Robert W. Baird reduced their price objective on Fox Factory from $38.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Stifel Nicolaus raised shares of Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Wednesday, December 11th. Truist Financial lowered their price target on shares of Fox Factory from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. StockNews.com upgraded shares of Fox Factory from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Finally, Jefferies Financial Group decreased their target price on shares of Fox Factory from $45.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $39.14.

Fox Factory Price Performance

The business’s 50-day simple moving average is $26.50 and its 200 day simple moving average is $31.82. The company has a market capitalization of $1.01 billion, a P/E ratio of 93.40, a P/E/G ratio of 1.45 and a beta of 1.65. The company has a current ratio of 3.21, a quick ratio of 1.62 and a debt-to-equity ratio of 0.62.

Fox Factory (NASDAQ:FOXF) last announced its earnings results on Thursday, February 27th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.29 by $0.02. The firm had revenue of $352.84 million for the quarter, compared to analysts’ expectations of $321.31 million. Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. As a group, sell-side analysts anticipate that Fox Factory Holding Corp. will post 1.31 EPS for the current year.

Institutional Investors Weigh In On Fox Factory

Several hedge funds and other institutional investors have recently bought and sold shares of FOXF. William Blair Investment Management LLC grew its stake in shares of Fox Factory by 17.1% in the 4th quarter. William Blair Investment Management LLC now owns 2,983,482 shares of the company’s stock worth $90,310,000 after purchasing an additional 434,998 shares during the last quarter. RWWM Inc. increased its holdings in shares of Fox Factory by 174.0% in the fourth quarter. RWWM Inc. now owns 1,997,531 shares of the company’s stock valued at $60,465,000 after buying an additional 1,268,460 shares in the last quarter. State Street Corp lifted its position in shares of Fox Factory by 0.4% during the 3rd quarter. State Street Corp now owns 1,596,222 shares of the company’s stock valued at $66,243,000 after acquiring an additional 6,308 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Fox Factory by 6,413.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,352,242 shares of the company’s stock worth $40,932,000 after acquiring an additional 1,331,480 shares in the last quarter. Finally, Capital World Investors grew its holdings in shares of Fox Factory by 21.8% in the 4th quarter. Capital World Investors now owns 1,341,155 shares of the company’s stock worth $40,597,000 after acquiring an additional 240,416 shares during the last quarter.

Fox Factory Company Profile

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.