Fox Factory (NASDAQ:FOXF) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $25.48, but opened at $28.03. Fox Factory shares last traded at $27.90, with a volume of 97,723 shares trading hands.

The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The firm had revenue of $352.84 million during the quarter, compared to analyst estimates of $321.31 million. Fox Factory had a net margin of 0.78% and a return on equity of 5.23%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Roth Mkm lowered their price objective on shares of Fox Factory from $45.00 to $36.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Stifel Nicolaus upgraded shares of Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday, December 11th. Robert W. Baird lowered their price objective on shares of Fox Factory from $38.00 to $32.00 and set a “neutral” rating for the company in a report on Friday. Jefferies Financial Group lowered their price objective on shares of Fox Factory from $45.00 to $38.00 and set a “buy” rating for the company in a report on Friday. Finally, Truist Financial lowered their price target on shares of Fox Factory from $42.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $39.14.

Institutional Investors Weigh In On Fox Factory

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FOXF. Quarry LP purchased a new position in Fox Factory during the 4th quarter valued at $45,000. KBC Group NV increased its position in Fox Factory by 36.5% during the 3rd quarter. KBC Group NV now owns 1,377 shares of the company’s stock valued at $57,000 after purchasing an additional 368 shares during the period. TD Waterhouse Canada Inc. purchased a new position in Fox Factory during the 4th quarter valued at $143,000. Magnetar Financial LLC purchased a new position in Fox Factory during the 4th quarter valued at $206,000. Finally, Aristides Capital LLC purchased a new position in Fox Factory during the 4th quarter valued at $206,000.

Fox Factory Trading Up 8.8 %

The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.62 and a current ratio of 3.21. The stock’s 50-day simple moving average is $27.88 and its 200-day simple moving average is $33.83. The firm has a market capitalization of $1.16 billion, a PE ratio of 106.66, a P/E/G ratio of 1.45 and a beta of 1.58.

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.