Fox Factory (NASDAQ:FOXF) Hits New 52-Week Low Following Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF)’s stock price reached a new 52-week low during mid-day trading on Monday after Robert W. Baird lowered their price target on the stock from $32.00 to $25.00. Robert W. Baird currently has a neutral rating on the stock. Fox Factory traded as low as $18.69 and last traded at $20.77, with a volume of 1015457 shares changing hands. The stock had previously closed at $20.91.

Other research analysts have also issued reports about the company. Truist Financial decreased their target price on shares of Fox Factory from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Stifel Nicolaus raised shares of Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Wednesday, December 11th. Finally, Jefferies Financial Group cut their target price on Fox Factory from $45.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Fox Factory presently has a consensus rating of “Hold” and an average target price of $38.14.

Institutional Investors Weigh In On Fox Factory

Several hedge funds have recently modified their holdings of FOXF. William Blair Investment Management LLC boosted its position in Fox Factory by 17.1% in the 4th quarter. William Blair Investment Management LLC now owns 2,983,482 shares of the company’s stock valued at $90,310,000 after buying an additional 434,998 shares during the last quarter. RWWM Inc. increased its stake in Fox Factory by 174.0% during the fourth quarter. RWWM Inc. now owns 1,997,531 shares of the company’s stock valued at $60,465,000 after purchasing an additional 1,268,460 shares during the last quarter. State Street Corp grew its position in shares of Fox Factory by 0.4% during the third quarter. State Street Corp now owns 1,596,222 shares of the company’s stock worth $66,243,000 after acquiring an additional 6,308 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Fox Factory by 6,413.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,352,242 shares of the company’s stock valued at $40,932,000 after purchasing an additional 1,331,480 shares during the period. Finally, Capital World Investors boosted its position in shares of Fox Factory by 21.8% during the fourth quarter. Capital World Investors now owns 1,341,155 shares of the company’s stock worth $40,597,000 after buying an additional 240,416 shares during the period.

Fox Factory Price Performance

The company has a current ratio of 3.21, a quick ratio of 1.62 and a debt-to-equity ratio of 0.62. The business’s 50-day simple moving average is $25.79 and its 200 day simple moving average is $31.10. The company has a market capitalization of $817.97 million, a P/E ratio of 75.43, a P/E/G ratio of 1.45 and a beta of 1.56.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings results on Thursday, February 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. The business had revenue of $352.84 million for the quarter, compared to the consensus estimate of $321.31 million. Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. As a group, sell-side analysts anticipate that Fox Factory Holding Corp. will post 1.31 EPS for the current year.

About Fox Factory

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.