Fox Factory (NASDAQ:FOXF) Shares Down 10.8% After Earnings Miss

Key Points

• Fox Factory shares fell by 10.8% after reporting earnings per share of $0.40, missing analysts' estimates by $0.03.
• The company's revenue for the quarter was $374.86 million, exceeding expectations of $349.01 million and reflecting a 7.6% increase compared to the previous year.
• Analysts have mixed views, with some raising their price targets, indicating a consensus target price of $34.86 and a rating of "Hold."

Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report)'s share price was down 10.8% during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $27.34 and last traded at $26.84. Approximately 573,002 shares were traded during trading, a decline of 6% from the average daily volume of 611,076 shares. The stock had previously closed at $30.10.

The company reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Fox Factory had a positive return on equity of 4.70% and a negative net margin of 17.64%. The business had revenue of $374.86 million during the quarter, compared to analysts' expectations of $349.01 million. During the same period last year, the business earned $0.38 earnings per share. The company's revenue for the quarter was up 7.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

FOXF has been the subject of several recent research reports. Truist Financial raised their price target on shares of Fox Factory from $28.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. B. Riley raised their price objective on shares of Fox Factory from $26.00 to $32.00 and gave the company a "neutral" rating in a report on Friday. Finally, Stifel Nicolaus raised their price objective on shares of Fox Factory from $34.00 to $36.00 and gave the company a "buy" rating in a report on Friday. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $34.86.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FOXF. CWM LLC boosted its holdings in Fox Factory by 76.2% during the first quarter. CWM LLC now owns 1,341 shares of the company's stock worth $31,000 after buying an additional 580 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Fox Factory by 142.8% during the first quarter. Versant Capital Management Inc now owns 1,372 shares of the company's stock worth $32,000 after buying an additional 807 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Fox Factory by 254.1% during the first quarter. GAMMA Investing LLC now owns 1,696 shares of the company's stock worth $40,000 after buying an additional 1,217 shares in the last quarter. Quarry LP purchased a new stake in Fox Factory during the fourth quarter worth about $45,000. Finally, First Horizon Advisors Inc. boosted its holdings in Fox Factory by 113.8% during the first quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company's stock worth $46,000 after buying an additional 1,038 shares in the last quarter.

Fox Factory Stock Down 7.0%

The company has a market cap of $1.17 billion, a PE ratio of -4.67 and a beta of 1.50. The company has a quick ratio of 1.36, a current ratio of 3.18 and a debt-to-equity ratio of 0.73. The firm's fifty day simple moving average is $27.36 and its 200-day simple moving average is $25.36.

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.

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