Fox Factory (NASDAQ:FOXF) Upgraded by Zacks Research to "Strong-Buy" Rating

Key Points

• Zacks Research upgraded Fox Factory to “strong buy” from “hold,” while analysts overall maintain a “Moderate Buy” consensus rating with an average price target of $21.00.
• Fox Factory’s latest quarterly results exceeded expectations, with earnings per share of $0.37 versus the $0.18 consensus estimate and revenue of $358.12 million; however, revenue declined 4.5% year over year.
• The stock opened at $20.04 and was down 1.9%, with shares trading between a 12-month low of $13.08 and high of $29.97. Several institutional investors increased their holdings during the first quarter.

Fox Factory (NASDAQ:FOXF - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday, Zacks reports.

Other equities analysts have also issued reports about the stock. Needham & Company LLC restated a "buy" rating on shares of Fox Factory in a report on Wednesday, June 3rd. Bank of America lowered shares of Fox Factory from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $24.00 to $20.00 in a report on Tuesday, June 30th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Fox Factory in a research report on Friday, August 7th. Fox Advisors set a $20.00 price target on Fox Factory in a research report on Tuesday, June 30th. Finally, Roth Capital reiterated a "neutral" rating and issued a $20.00 price objective on shares of Fox Factory in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $21.00.

Fox Factory Trading Down 1.9%

Shares of FOXF opened at $20.04 on Monday. The stock's fifty day simple moving average is $19.15 and its 200-day simple moving average is $18.02. The firm has a market capitalization of $842.28 million, a PE ratio of -2.81, a price-to-earnings-growth ratio of 0.59 and a beta of 1.38. Fox Factory has a 12-month low of $13.08 and a 12-month high of $29.97. The company has a quick ratio of 1.55, a current ratio of 3.10 and a debt-to-equity ratio of 0.96.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.19. Fox Factory had a positive return on equity of 5.57% and a negative net margin of 20.39%.The firm had revenue of $358.12 million during the quarter, compared to analysts' expectations of $352.94 million. During the same period in the previous year, the business posted $0.40 EPS. The company's quarterly revenue was down 4.5% compared to the same quarter last year. As a group, research analysts predict that Fox Factory will post 1.55 earnings per share for the current year.

Institutional Investors Weigh In On Fox Factory

Several large investors have recently made changes to their positions in FOXF. Western Standard LLC acquired a new position in shares of Fox Factory during the fourth quarter worth about $2,053,000. Quantinno Capital Management LP lifted its position in shares of Fox Factory by 216.8% in the first quarter. Quantinno Capital Management LP now owns 163,635 shares of the company's stock worth $2,693,000 after purchasing an additional 111,976 shares in the last quarter. RWWM Inc. boosted its holdings in Fox Factory by 4.7% during the first quarter. RWWM Inc. now owns 5,533,072 shares of the company's stock worth $91,074,000 after purchasing an additional 247,635 shares during the last quarter. Engine Capital Management LP increased its stake in Fox Factory by 162.3% in the 1st quarter. Engine Capital Management LP now owns 2,026,230 shares of the company's stock valued at $33,352,000 after buying an additional 1,253,808 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in Fox Factory by 93.8% during the 1st quarter. Empowered Funds LLC now owns 372,186 shares of the company's stock worth $6,126,000 after buying an additional 180,168 shares in 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.

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