Fox Factory Holding Corp. $FOXF Stock Position Decreased by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC cut its Fox Factory position by 78.1% in the second quarter, selling 135,571 shares and retaining 38,123 shares worth approximately $646,000.
• Other institutional investors increased their holdings, including BlackRock, which initiated a stake valued at roughly $109.7 million, while Engine Capital Management boosted its position by 162.3%.
• Fox Factory beat quarterly earnings expectations with adjusted EPS of $0.37 versus $0.18 expected and revenue of $358.1 million, though revenue declined 4.5% year over year. Analysts maintain a “Moderate Buy” consensus with a $21 target price, compared with a recent share price of $18.77.

Squarepoint Ops LLC trimmed its position in shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) by 78.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,123 shares of the company's stock after selling 135,571 shares during the quarter. Squarepoint Ops LLC owned approximately 0.09% of Fox Factory worth $646,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in Fox Factory in the second quarter valued at approximately $109,706,000. RWWM Inc. raised its holdings in shares of Fox Factory by 4.7% during the 1st quarter. RWWM Inc. now owns 5,533,072 shares of the company's stock valued at $91,074,000 after purchasing an additional 247,635 shares in the last quarter. Engine Capital Management LP lifted its stake in shares of 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 purchasing an additional 1,253,808 shares during the last quarter. Estuary Capital Management LP boosted its holdings in Fox Factory by 15.3% in the first quarter. Estuary Capital Management LP now owns 1,815,271 shares of the company's stock worth $29,879,000 after purchasing an additional 240,512 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Fox Factory by 26.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,271,969 shares of the company's stock worth $20,937,000 after purchasing an additional 262,076 shares in the last quarter.

Fox Factory Stock Performance

FOXF opened at $18.77 on Friday. The company has a quick ratio of 1.55, a current ratio of 3.10 and a debt-to-equity ratio of 0.96. The stock's 50 day moving average price is $19.85 and its two-hundred day moving average price is $18.12. The firm has a market capitalization of $788.90 million, a P/E ratio of -2.63, a price-to-earnings-growth ratio of 0.54 and a beta of 1.38. Fox Factory Holding Corp. has a 12-month low of $13.08 and a 12-month high of $26.31.

Fox Factory (NASDAQ:FOXF - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $358.12 million during the quarter, compared to analyst estimates of $352.94 million. During the same period in the previous year, the company earned $0.40 earnings per share. The company's quarterly revenue was down 4.5% compared to the same quarter last year. On average, equities analysts forecast that Fox Factory Holding Corp. will post 1.53 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on FOXF. Zacks Research upgraded Fox Factory from a "hold" rating to a "strong-buy" rating in a report on Monday, August 31st. Fox Advisors set a $20.00 price target on Fox Factory in a research note on Tuesday, June 30th. Bank of America lowered Fox Factory from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $24.00 to $20.00 in a report on Tuesday, June 30th. Weiss Ratings reissued a "sell (e+)" rating on shares of Fox Factory in a research note on Friday, August 7th. Finally, Needham & Company LLC restated a "buy" rating on shares of Fox Factory in a report on Wednesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $21.00.

Fox Factory Profile

Fox Factory Holding Corp. NASDAQ: FOXF designs, engineers and manufactures performance products for the cycling, powersports and specialty vehicle markets. The company's offerings are intended for applications ranging from mountain biking and racing to off-road driving, snowmobiling and other recreational activities.

Its product portfolio includes suspension forks, shocks, dropper seatposts, wheels, drivetrain components, protective equipment, apparel and other vehicle accessories. Fox Factory sells products under brands that include FOX, Marzocchi, Race Face, Easton Cycling, Ride Concepts and RockyMounts.

Founded in 1974 by Bob Fox, the company began with suspension technology and expanded through product development and acquisitions into a broader portfolio of performance brands.

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