Fox Factory (NASDAQ:FOXF) Shares Up 7% - Here's What Happened

Key Points

• Fox Factory shares rose 7% to approximately $18.70, though trading volume was 96% below the stock’s average daily volume.
• Analyst sentiment is mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $21.25; individual ratings range from Strong Buy to Sell.
• The company’s latest quarterly results exceeded expectations, reporting $0.37 in EPS versus a $0.18 estimate and $358.1 million in revenue, although revenue declined 4.5% year over year and Fox Factory posted a negative net margin.

Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report)'s share price traded up 7% on Thursday. The company traded as high as $18.09 and last traded at $18.6950. 22,271 shares traded hands during trading, a decline of 96% from the average daily volume of 588,562 shares. The stock had previously closed at $17.48.

Analyst Ratings Changes

A number of brokerages have weighed in on FOXF. Zacks Research raised Fox Factory from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 31st. Stifel Nicolaus set a $25.00 price objective on Fox Factory in a report on Wednesday, September 30th. Fox Advisors set a $20.00 price objective on Fox Factory in a report on Tuesday, June 30th. Weiss Ratings raised Fox Factory from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, October 6th. Finally, Bank of America lowered Fox Factory from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $24.00 to $20.00 in a report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Fox Factory has an average rating of "Moderate Buy" and a consensus price target of $21.25.

Fox Factory Trading Up 5.5%

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 capitalization of $775.45 million, a price-to-earnings ratio of -2.60, a price-to-earnings-growth ratio of 0.50 and a beta of 1.41. The business has a fifty day moving average price of $19.83 and a 200 day moving average price of $18.35.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.19. Fox Factory had a negative net margin of 20.39% and a positive return on equity of 5.57%. The business had revenue of $358.12 million for the quarter, compared to the consensus estimate of $352.94 million. During the same quarter last year, the company posted $0.40 earnings per share. Fox Factory's quarterly revenue was down 4.5% on a year-over-year basis. On average, equities analysts expect that Fox Factory Holding Corp. will post 1.60 EPS for the current fiscal year.

Institutional Trading of Fox Factory

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new stake in shares of Fox Factory during the second quarter valued at approximately $4,032,000. Empowered Funds LLC acquired a new position in shares of Fox Factory in the second quarter valued at $7,390,000. Quantinno Capital Management LP lifted its position in Fox Factory by 216.8% in the first quarter. Quantinno Capital Management LP now owns 163,635 shares of the company's stock worth $2,693,000 after purchasing an additional 111,976 shares during the period. BlackRock Inc. bought a new position in Fox Factory in the second quarter worth $109,706,000. Finally, Legal & General Group Plc bought a new position in Fox Factory in the second quarter worth $1,659,000.

About Fox Factory

Fox Factory Holding Corp. designs, engineers, manufactures and markets performance products for the cycling, powersports and outdoor recreation markets. The company serves consumers, professional athletes and original equipment manufacturers through a portfolio of specialized brands and technologies.

Its products include bicycle suspension systems, forks, shocks, dropper posts, drivetrain and component products, protective equipment, apparel and related accessories. In powersports, Fox Factory offers suspension systems and performance components for motorcycles, off-road vehicles, snowmobiles and other recreational vehicles.

Fox Factory's principal brands have included FOX, FOX Racing, Marzocchi, Race Face, Easton Cycling and Ride Concepts.

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