Fox Factory (NASDAQ:FOXF) Updates Q3 2024 Earnings Guidance

Fox Factory (NASDAQ:FOXF) updated its third quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.350-0.500 for the period, compared to the consensus EPS estimate of 0.810. The company issued revenue guidance of $355.0 million-$385.0 million, compared to the consensus revenue estimate of $416.0 million. Fox Factory also updated its FY 2024 guidance to 1.400-1.720 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FOXF shares. Bank of America decreased their price target on Fox Factory from $55.00 to $48.00 and set a neutral rating on the stock in a research report on Monday, May 6th. Roth Mkm reduced their target price 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, May 3rd. B. Riley dropped their price objective on shares of Fox Factory from $50.00 to $45.00 and set a neutral rating for the company in a research report on Friday, May 3rd. Robert W. Baird decreased their price objective on Fox Factory from $55.00 to $48.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Finally, Stifel Nicolaus decreased their price target on Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Fox Factory presently has an average rating of Hold and an average target price of $47.67.

Fox Factory Trading Down 7.2 %

NASDAQ:FOXF traded down $3.86 during mid-day trading on Thursday, hitting $49.53. The company had a trading volume of 646,416 shares, compared to its average volume of 609,321. The firm has a market cap of $2.06 billion, a P/E ratio of 28.16, a P/E/G ratio of 2.23 and a beta of 1.66. Fox Factory has a fifty-two week low of $37.98 and a fifty-two week high of $117.68. The business’s fifty day moving average is $47.74 and its two-hundred day moving average is $50.70. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.85 and a current ratio of 3.43.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. The business had revenue of $333.50 million during the quarter, compared to analysts’ expectations of $327.58 million. Fox Factory had a net margin of 5.41% and a return on equity of 10.56%. The firm’s quarterly revenue was down 16.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 EPS. As a group, research analysts expect that Fox Factory will post 2.4 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael C. Dennison bought 11,250 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were acquired at an average price of $44.30 per share, with a total value of $498,375.00. Following the completion of the transaction, the chief executive officer now owns 130,266 shares in the company, valued at $5,770,783.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Michael C. Dennison bought 11,250 shares of Fox Factory stock in a transaction that occurred on Monday, June 10th. The stock was acquired at an average price of $44.30 per share, with a total value of $498,375.00. Following the acquisition, the chief executive officer now owns 130,266 shares of the company’s stock, valued at approximately $5,770,783.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas L. Fletcher sold 2,000 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $44.41, for a total value of $88,820.00. Following the transaction, the insider now owns 11,311 shares in the company, valued at approximately $502,321.51. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

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.