Fox Factory (NASDAQ:FOXF) Given New $45.00 Price Target at B. Riley

Fox Factory (NASDAQ:FOXF) had its target price reduced by B. Riley from $50.00 to $45.00 in a report released on Friday, Benzinga reports. They currently have a neutral rating on the stock. B. Riley also issued estimates for Fox Factory’s FY2024 earnings at $2.32 EPS.

A number of other research firms have also commented on FOXF. Bank of America lowered Fox Factory from a buy rating to a neutral rating and set a $55.00 price objective on the stock. in a research note on Friday, February 23rd. StockNews.com lowered shares of Fox Factory from a hold rating to a sell rating in a research report on Monday, February 26th. Robert W. Baird reduced their price objective on shares of Fox Factory from $55.00 to $48.00 and set a neutral rating on the stock in a research note on Friday. Truist Financial cut their price target on Fox Factory from $60.00 to $50.00 and set a buy rating for the company in a report on Friday. Finally, Stifel Nicolaus decreased 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 research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $48.00.

Fox Factory Price Performance

Shares of Fox Factory stock traded up $4.10 on Friday, hitting $43.52. The company’s stock had a trading volume of 1,149,487 shares, compared to its average volume of 638,720. The company has a market capitalization of $1.83 billion, a P/E ratio of 24.31, a price-to-earnings-growth ratio of 3.32 and a beta of 1.68. Fox Factory has a 52-week low of $37.98 and a 52-week high of $117.68. The firm has a fifty day moving average price of $46.45 and a 200-day moving average price of $59.78. The company has a quick ratio of 1.91, a current ratio of 3.70 and a debt-to-equity ratio of 0.61.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.10. Fox Factory had a net margin of 5.41% and a return on equity of 10.50%. The company had revenue of $333.50 million for the quarter, compared to the consensus estimate of $327.58 million. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The company’s revenue for the quarter was down 16.6% compared to the same quarter last year. On average, equities research analysts expect that Fox Factory will post 2.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zions Bancorporation N.A. raised its holdings in shares of Fox Factory by 8.6% in the 3rd quarter. Zions Bancorporation N.A. now owns 12,542 shares of the company’s stock worth $1,243,000 after purchasing an additional 991 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its stake in Fox Factory by 0.9% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,676,115 shares of the company’s stock worth $364,229,000 after buying an additional 33,703 shares during the period. CVA Family Office LLC acquired a new stake in shares of Fox Factory in the fourth quarter worth $55,000. VELA Investment Management LLC raised its stake in shares of Fox Factory by 56.6% in the 4th quarter. VELA Investment Management LLC now owns 18,302 shares of the company’s stock valued at $1,235,000 after acquiring an additional 6,613 shares during the period. Finally, Brookstone Capital Management raised its stake in shares of Fox Factory by 29.6% in the 4th quarter. Brookstone Capital Management now owns 6,437 shares of the company’s stock valued at $434,000 after acquiring an additional 1,472 shares during the period.

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.