Fox Factory (NASDAQ:FOXF) Rating Lowered to “Strong Sell” at Zacks Research

Fox Factory (NASDAQ:FOXF) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other equities analysts have also issued reports on the company. CJS Securities raised Fox Factory to a “strong-buy” rating in a research note on Thursday, December 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Fox Factory in a research note on Thursday, January 22nd. Stifel Nicolaus set a $33.00 target price on Fox Factory in a report on Tuesday, October 7th. Finally, Roth Mkm cut their price target on shares of Fox Factory from $21.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $30.17.

Fox Factory Stock Performance

Shares of NASDAQ FOXF opened at $18.36 on Wednesday. Fox Factory has a 12-month low of $13.08 and a 12-month high of $31.18. The company has a market cap of $767.45 million, a PE ratio of -2.97 and a beta of 1.50. The stock has a 50 day simple moving average of $17.82 and a 200-day simple moving average of $22.30. The company has a current ratio of 2.98, a quick ratio of 1.36 and a debt-to-equity ratio of 0.69.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.33). The business had revenue of $376.36 million for the quarter, compared to analyst estimates of $382.59 million. Fox Factory had a negative net margin of 17.66% and a positive return on equity of 4.84%. Fox Factory’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the business posted $0.35 earnings per share. On average, equities research analysts forecast that Fox Factory will post 1.31 EPS for the current year.

Hedge Funds Weigh In On Fox Factory

A number of institutional investors have recently bought and sold shares of the stock. Inspire Investing LLC increased its position in shares of Fox Factory by 3.6% in the second quarter. Inspire Investing LLC now owns 15,079 shares of the company’s stock valued at $391,000 after acquiring an additional 523 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Fox Factory by 3.8% during the 2nd quarter. Truist Financial Corp now owns 15,576 shares of the company’s stock worth $404,000 after acquiring an additional 571 shares during the period. First Bank & Trust boosted its position in Fox Factory by 8.1% during the third quarter. First Bank & Trust now owns 8,345 shares of the company’s stock worth $203,000 after purchasing an additional 623 shares during the period. KLP Kapitalforvaltning AS raised its position in shares of Fox Factory by 9.2% in the third quarter. KLP Kapitalforvaltning AS now owns 8,300 shares of the company’s stock valued at $202,000 after purchasing an additional 700 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of Fox Factory by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 111,190 shares of the company’s stock worth $2,884,000 after buying an additional 705 shares during the last quarter.

Fox Factory Company Profile

Fox Factory Holding Corp., headquartered in Duluth, Minnesota, designs, engineers and manufactures high-performance suspension systems, shock absorbers and related components for powersports, light-vehicle and mountain-bike applications. The company’s FOX brand offers a comprehensive portfolio of forks, shocks, coilovers and internal bypass dampers aimed at OEM and aftermarket customers seeking enhanced ride quality, control and durability across off-road vehicles, motorcycles and bicycles.

Founded in 1974 by Bob Fox in California, Fox Factory has expanded its technology base and market reach through strategic acquisitions such as Marzocchi Suspension, DVO Suspension and Walker Evans Racing.