Fox Factory (NASDAQ:FOXF) Updates FY24 Earnings Guidance

Fox Factory (NASDAQ:FOXF) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.30-2.55 for the period, compared to the consensus earnings per share estimate of $2.43. The company issued revenue guidance of $1.53-1.61 billion, compared to the consensus revenue estimate of $1.56 billion. Fox Factory also updated its Q2 guidance to $0.30-0.40 EPS.

Fox Factory Stock Performance

Fox Factory stock traded up $0.53 during mid-day trading on Thursday, hitting $39.42. The company had a trading volume of 1,142,888 shares, compared to its average volume of 611,695. The company has a current ratio of 3.70, a quick ratio of 1.91 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 3.28 and a beta of 1.68. The company’s fifty day moving average is $47.04 and its 200-day moving average is $60.27. Fox Factory has a 12-month low of $37.98 and a 12-month high of $117.68.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.34). The business had revenue of $332.50 million for the quarter, compared to analysts’ expectations of $327.07 million. Fox Factory had a return on equity of 13.86% and a net margin of 8.25%. The business’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.43 EPS. Equities research analysts predict that Fox Factory will post 2.42 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Stifel Nicolaus reduced their price target 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. StockNews.com lowered Fox Factory from a hold rating to a sell rating in a research note on Monday, February 26th. Bank of America cut shares of Fox Factory from a buy rating to a neutral rating and set a $55.00 target price for the company. in a research report on Friday, February 23rd. Finally, Truist Financial lowered their price target on shares of Fox Factory from $90.00 to $60.00 and set a buy rating on the stock in a research report on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $66.00.

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.