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

Fox Factory (NASDAQ:FOXF) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.350-0.500 for the period, compared to the consensus 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.

Fox Factory Price Performance

Shares of NASDAQ:FOXF traded down $8.05 during midday trading on Friday, reaching $41.48. 1,501,707 shares of the company’s stock were exchanged, compared to its average volume of 478,198. The company’s 50 day simple moving average is $47.79 and its two-hundred day simple moving average is $50.32. The firm has a market capitalization of $1.73 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 2.10 and a beta of 1.66. Fox Factory has a 12 month low of $37.98 and a 12 month high of $117.68. 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, August 1st. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.03. The company had revenue of $348.49 million during the quarter, compared to the consensus estimate of $346.22 million. Fox Factory had a net margin of 3.07% and a return on equity of 7.62%. The firm’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same period last year, the firm earned $1.21 EPS. Equities research analysts expect that Fox Factory will post 2.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FOXF. Robert W. Baird dropped their target price on shares of Fox Factory from $48.00 to $45.00 and set a neutral rating for the company in a research report on Friday. Roth Mkm dropped their target price on shares of Fox Factory from $55.00 to $45.00 and set a neutral rating for the company in a research report on Friday, May 3rd. B. Riley lowered 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. Truist Financial lowered their price objective on shares of Fox Factory from $55.00 to $54.00 and set a buy rating for the company in a research report on Friday. Finally, Bank of America lowered their price objective on shares of Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a research report on Monday, May 6th. One 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 data from MarketBeat.com, Fox Factory has a consensus rating of Hold and a consensus target price of $47.00.

Insider Transactions at Fox Factory

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

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.