Short Interest in Fox Factory Holding Corp. (NASDAQ:FOXF) Expands By 30.3%

Key Points

• Short interest jumped 30.3% to 3,788,250 shares as of March 31, equal to about 9.1% of shares short and a days-to-cover of 4.6.
• Shares traded down 5.1% to $16.70 on heavy volume; the company has a market cap of roughly $700M, a negative PE (-1.28), and a 52-week range of $13.08–$31.18.
• Fox Factory beat quarterly EPS estimates ($0.20 vs. $0.14) and revenue rose 2.3% to $361.1M, but net margin was a negative 37.1%; analysts' consensus rating is Hold with a $29.50 target.

Fox Factory Holding Corp. (NASDAQ:FOXF - Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totaling 3,788,250 shares, an increase of 30.3% from the March 15th total of 2,906,984 shares. Approximately 9.1% of the shares of the stock are short sold. Based on an average trading volume of 826,892 shares, the days-to-cover ratio is presently 4.6 days.

Hedge Funds Weigh In On Fox Factory

Institutional investors have recently bought and sold shares of the stock. Federated Hermes Inc. bought a new position in Fox Factory during the third quarter valued at about $25,000. First Horizon Corp acquired a new stake in shares of Fox Factory in the third quarter valued at about $25,000. Hantz Financial Services Inc. grew its position in shares of Fox Factory by 188.1% in 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 during the last quarter. Farther Finance Advisors LLC grew its position in shares of Fox Factory by 108.3% in the fourth quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company's stock valued at $36,000 after purchasing an additional 1,079 shares during the last quarter. Finally, Covestor Ltd grew its position in shares of Fox Factory by 693.3% in the fourth quarter. Covestor Ltd now owns 2,943 shares of the company's stock valued at $50,000 after purchasing an additional 2,572 shares during the last quarter.

Analyst Upgrades and Downgrades

FOXF has been the subject of several recent analyst reports. Zacks Research raised Fox Factory from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 5th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Fox Factory in a research report on Thursday, January 22nd. Finally, Roth Mkm decreased their target price on Fox Factory from $21.00 to $19.00 and set a "neutral" rating for the company in a research report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Fox Factory currently has an average rating of "Hold" and a consensus price target of $29.50.

Fox Factory Stock Down 5.1%

Shares of NASDAQ:FOXF traded down $0.90 during midday trading on Wednesday, hitting $16.70. 721,591 shares of the stock were exchanged, compared to its average volume of 616,556. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.37 and a current ratio of 2.86. Fox Factory has a 52-week low of $13.08 and a 52-week high of $31.18. The business's fifty day simple moving average is $17.52 and its two-hundred day simple moving average is $18.49. The company has a market capitalization of $700.23 million, a PE ratio of -1.28 and a beta of 1.46.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. Fox Factory had a positive return on equity of 5.06% and a negative net margin of 37.11%.The business had revenue of $361.07 million during the quarter, compared to analyst estimates of $353.88 million. During the same period last year, the company earned $0.31 earnings per share. Fox Factory's quarterly revenue was up 2.3% compared to the same quarter last year. As a group, research analysts predict that Fox Factory will post 1.31 earnings per share for the current fiscal 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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