Fox Factory (NASDAQ:FOXF) Updates 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 guidance of 0.350-0.500 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

FOXF has been the subject of a number of recent analyst reports. Truist Financial cut their target price on Fox Factory from $55.00 to $54.00 and set a buy rating for the company in a research report on Friday. Roth Mkm reduced their price objective on shares of Fox Factory from $55.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. Bank of America dropped their target price 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. Robert W. Baird decreased their price objective on shares of Fox Factory from $48.00 to $45.00 and set a neutral rating on the stock in a research note on Friday. Finally, 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. 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. Based on data from MarketBeat, Fox Factory presently has an average rating of Hold and a consensus price target of $47.00.

Fox Factory Price Performance

Shares of FOXF traded down $8.05 during mid-day trading on Friday, reaching $41.48. The company had a trading volume of 1,501,707 shares, compared to its average volume of 478,198. The company’s 50 day simple moving average is $47.79 and its 200 day simple moving average is $50.32. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 23.17, a P/E/G ratio of 2.10 and a beta of 1.66. Fox Factory has a 1-year low of $37.98 and a 1-year 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 issued its earnings results on Thursday, August 1st. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. The firm had revenue of $348.49 million for the quarter, compared to analyst estimates of $346.22 million. Fox Factory had a net margin of 3.07% and a return on equity of 7.62%. The company’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter last year, the business posted $1.21 earnings per share. Analysts expect that Fox Factory will post 2.4 EPS for the current year.

Insider Buying and Selling

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