Truist Financial Lowers Fox Factory (NASDAQ:FOXF) Price Target to $24.00

Fox Factory (NASDAQ:FOXF) had its price target dropped by equities research analysts at Truist Financial from $40.00 to $24.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 21.15% from the stock’s current price.

Other analysts also recently issued research reports about the company. Robert W. Baird dropped their price objective on Fox Factory from $32.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, April 4th. Jefferies Financial Group reduced their price objective on Fox Factory from $45.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, Stifel Nicolaus dropped their price target on shares of Fox Factory from $40.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Fox Factory currently has an average rating of “Hold” and a consensus target price of $35.00.

Fox Factory Stock Performance

FOXF stock opened at $19.81 on Monday. The company has a market capitalization of $826.31 million, a P/E ratio of 76.20, a PEG ratio of 1.45 and a beta of 1.56. The company has a quick ratio of 1.62, a current ratio of 3.21 and a debt-to-equity ratio of 0.62. The company has a 50-day simple moving average of $24.71 and a 200 day simple moving average of $30.07. Fox Factory has a fifty-two week low of $17.95 and a fifty-two week high of $54.86.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings results on Thursday, February 27th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. The company had revenue of $352.84 million during the quarter, compared to analyst estimates of $321.31 million. Sell-side analysts predict that Fox Factory will post 1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fox Factory

Large investors have recently bought and sold shares of the business. Parallel Advisors LLC raised its holdings in Fox Factory by 102.4% during the first quarter. Parallel Advisors LLC now owns 5,146 shares of the company’s stock valued at $120,000 after buying an additional 2,604 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Fox Factory by 8,164.1% during the 1st quarter. GAMMA Investing LLC now owns 39,585 shares of the company’s stock valued at $924,000 after acquiring an additional 39,106 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of Fox Factory by 142.8% in the 1st quarter. Versant Capital Management Inc now owns 1,372 shares of the company’s stock valued at $32,000 after acquiring an additional 807 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Fox Factory by 5.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 72,410 shares of the company’s stock worth $2,192,000 after purchasing an additional 3,772 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its position in Fox Factory by 31.8% during the fourth quarter. Voloridge Investment Management LLC now owns 617,352 shares of the company’s stock worth $18,687,000 after purchasing an additional 148,925 shares during the period.

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.