Fox Factory Holding Corp. (NASDAQ:FOXF) Receives Average Rating of "Hold" from Analysts

Key Points

• Analysts give Fox Factory a “Hold” consensus: Of eight analysts, two rate it a sell, three a hold, two a buy and one a strong buy. The average 12-month price target is $23.20, compared with the stock’s opening price of $19.66.
• Recent analyst sentiment has weakened: Bank of America downgraded the stock to “underperform” and lowered its target to $20, while other firms set targets of $20 to $24.
• Quarterly results exceeded expectations, with earnings of $0.18 per share versus the $0.09 consensus estimate and revenue of $368.66 million, up 3.8% year over year. Despite the beat, the company posted a negative net margin of 20.25%, and shares were down 0.7%.

Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report) has been given an average recommendation of "Hold" by the eight brokerages that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $23.20.

A number of research analysts recently commented on the company. Bank of America lowered Fox Factory from a "neutral" rating to an "underperform" rating and cut their target price for the company from $24.00 to $20.00 in a research note on Tuesday, June 30th. Fox Advisors set a $20.00 price target on shares of Fox Factory in a research note on Tuesday, June 30th. Weiss Ratings lowered shares of Fox Factory from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, May 11th. Stifel Nicolaus set a $24.00 price objective on shares of Fox Factory in a research note on Thursday, April 16th. Finally, Zacks Research raised shares of Fox Factory from a "strong sell" rating to a "hold" rating in a report on Wednesday, June 3rd.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FOXF. Hantz Financial Services Inc. boosted its holdings in Fox Factory by 188.1% during the fourth quarter. Hantz Financial Services Inc. now owns 2,057 shares of the company's stock valued at $35,000 after purchasing an additional 1,343 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Fox Factory by 108.3% in the 4th quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company's stock worth $36,000 after buying an additional 1,079 shares in the last quarter. Covestor Ltd boosted its stake in Fox Factory by 693.3% in the 4th quarter. Covestor Ltd now owns 2,943 shares of the company's stock valued at $50,000 after buying an additional 2,572 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its stake in Fox Factory by 33.3% in the 4th quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company's stock valued at $73,000 after buying an additional 1,035 shares in the last quarter. Finally, OP Asset Management Ltd bought a new stake in Fox Factory in the first quarter valued at $91,000.

Fox Factory Trading Down 0.7%

Shares of FOXF opened at $19.66 on Thursday. Fox Factory has a 12-month low of $13.08 and a 12-month high of $30.75. The company has a quick ratio of 1.52, a current ratio of 2.99 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $824.54 million, a price-to-earnings ratio of -2.74, a P/E/G ratio of 0.77 and a beta of 1.35. The stock's 50-day moving average price is $18.03 and its 200 day moving average price is $17.76.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.09. Fox Factory had a positive return on equity of 5.20% and a negative net margin of 20.25%.The company had revenue of $368.66 million during the quarter, compared to the consensus estimate of $351.75 million. During the same quarter last year, the company earned $0.23 EPS. The company's quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts predict that Fox Factory will post 1.41 earnings per share for the current year.

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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