Fox Factory (NASDAQ:FOXF) Issues Quarterly Earnings Results

Fox Factory (NASDAQ:FOXF) issued its quarterly earnings data on Thursday. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.03, Briefing.com reports. Fox Factory had a return on equity of 7.62% and a net margin of 3.07%. The business had revenue of $348.49 million for the quarter, compared to analysts’ expectations of $346.22 million. During the same period in the prior year, the firm earned $1.21 EPS. The company’s revenue for the quarter was down 13.0% on a year-over-year basis.

Fox Factory Stock Down 16.3 %

Shares of NASDAQ FOXF traded down $8.05 on Friday, hitting $41.48. The company had a trading volume of 1,501,707 shares, compared to its average volume of 478,198. Fox Factory has a 12-month low of $37.98 and a 12-month high of $117.68. The business has a 50 day moving average of $47.79 and a two-hundred day moving average of $50.52. The company has a quick ratio of 1.85, a current ratio of 3.43 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $1.73 billion, a P/E ratio of 23.17, a PEG ratio of 2.10 and a beta of 1.66.

Insider Activity at Fox Factory

In other news, 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 transaction of $88,820.00. Following the sale, the insider now directly owns 11,311 shares in the company, valued at approximately $502,321.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Michael C. Dennison purchased 11,250 shares of the stock in a transaction dated Monday, June 10th. The shares were bought at an average cost of $44.30 per share, for a total transaction of $498,375.00. Following 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas L. Fletcher sold 2,000 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 11,311 shares of the company’s stock, valued at $502,321.51. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Truist Financial reduced their price objective on Fox Factory from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Friday. Roth Mkm lowered their price target on Fox Factory from $55.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. B. Riley reduced their price objective on Fox Factory from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday. Bank of America reduced their target price 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. Finally, Stifel Nicolaus cut their price objective 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 investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Fox Factory currently has a consensus rating of “Hold” and a consensus target price of $47.00.

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.