Fox Factory (NASDAQ:FOXF) Shares Up 9.1% After Earnings Beat

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report) were up 9.1% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $44.91 and last traded at $43.00. Approximately 241,357 shares were traded during trading, a decline of 60% from the average daily volume of 609,605 shares. The stock had previously closed at $39.42.

The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.10. Fox Factory had a return on equity of 13.86% and a net margin of 8.25%. The business had revenue of $333.50 million during the quarter, compared to the consensus estimate of $327.58 million. During the same period in the prior year, the company earned $1.20 earnings per share. The company's revenue was down 16.6% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FOXF. Truist Financial dropped their price target on Fox Factory from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday. B. Riley cut their price target on Fox Factory from $50.00 to $45.00 and set a "neutral" rating for the company in a research note on Friday. Roth Mkm lowered their price objective on shares of Fox Factory from $55.00 to $45.00 and set a "neutral" rating on the stock in a research report on Friday. Stifel Nicolaus cut their price objective on shares of Fox Factory from $56.00 to $45.00 and set a "hold" rating for the company in a research report on Wednesday, April 24th. Finally, StockNews.com cut shares of Fox Factory from a "hold" rating to a "sell" rating in a research note on Monday, February 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $48.00.

Hedge Funds Weigh In On Fox Factory

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC acquired a new stake in shares of Fox Factory in the fourth quarter worth approximately $29,000. Quest Partners LLC acquired a new position in shares of Fox Factory in the 4th quarter valued at $31,000. Operose Advisors LLC purchased a new stake in shares of Fox Factory during the 3rd quarter valued at $37,000. Assetmark Inc. increased its holdings in shares of Fox Factory by 171.4% during the 3rd quarter. Assetmark Inc. now owns 380 shares of the company's stock worth $38,000 after buying an additional 240 shares during the last quarter. Finally, CWM LLC raised its position in shares of Fox Factory by 54.1% in the 4th quarter. CWM LLC now owns 624 shares of the company's stock worth $42,000 after buying an additional 219 shares during the period.

Fox Factory Stock Up 10.4 %

The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 3.27 and a beta of 1.68. The company has a quick ratio of 1.91, a current ratio of 3.70 and a debt-to-equity ratio of 0.61. The stock has a fifty day moving average of $46.45 and a two-hundred day moving average of $59.78.

Fox Factory Company Profile

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.