Fox Factory Holding Corp. (NASDAQ:FOXF) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Fox Factory has a consensus “Hold” rating from six analysts, with two sell, two hold, one buy and one strong-buy recommendation. The average 12-month price target is $21.00, modestly above the reported $20.56 share price.
• Recent analyst actions were mixed, including Bank of America downgrading the stock to “underperform” and cutting its target to $20, while Needham maintained a “buy” rating.
• Fox Factory exceeded quarterly earnings expectations, reporting $0.37 EPS versus a $0.18 estimate and $358.12 million in revenue, although revenue declined 4.5% year over year and the company posted a negative net margin.

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report) have earned a consensus recommendation of "Hold" from the six analysts that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $21.00.

FOXF has been the subject of a number of recent research reports. Bank of America downgraded Fox Factory from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $24.00 to $20.00 in a report on Tuesday, June 30th. Fox Advisors set a $20.00 target price on Fox Factory in a report on Tuesday, June 30th. Needham & Company LLC reiterated a "buy" rating on shares of Fox Factory in a research report on Wednesday, June 3rd. Weiss Ratings reissued a "sell (e+)" rating on shares of Fox Factory in a research note on Friday, August 7th. Finally, Roth Capital reissued a "neutral" rating and issued a $20.00 price target on shares of Fox Factory in a research note on Friday, May 8th.

Institutional Trading of Fox Factory

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Fox Factory during the second quarter worth $109,706,000. Nantahala Capital Management LLC boosted its position in Fox Factory by 200.3% during the fourth quarter. Nantahala Capital Management LLC now owns 2,188,300 shares of the company's stock valued at $37,442,000 after acquiring an additional 1,459,652 shares during the last quarter. Engine Capital Management LP boosted its position in Fox Factory by 162.3% during the first quarter. Engine Capital Management LP now owns 2,026,230 shares of the company's stock valued at $33,352,000 after acquiring an additional 1,253,808 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Fox Factory during the 2nd quarter worth about $16,035,000. Finally, California State Teachers Retirement System grew its holdings in Fox Factory by 2,113.9% during the 2nd quarter. California State Teachers Retirement System now owns 855,841 shares of the company's stock worth $14,502,000 after acquiring an additional 817,183 shares during the period.

Fox Factory Price Performance

NASDAQ:FOXF opened at $20.56 on Monday. Fox Factory has a one year low of $13.08 and a one year high of $29.97. The company has a debt-to-equity ratio of 0.96, a current ratio of 3.10 and a quick ratio of 1.55. The company has a market cap of $864.14 million, a PE ratio of -2.88, a P/E/G ratio of 0.59 and a beta of 1.35. The firm's 50 day simple moving average is $19.06 and its 200 day simple moving average is $18.01.

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

About Fox Factory

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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