Fox Factory (NASDAQ:FOXF) Price Target Lowered to $45.00 at B. Riley

Fox Factory (NASDAQ:FOXF) had its price target reduced by B. Riley from $50.00 to $45.00 in a report published on Friday morning, Benzinga reports. B. Riley currently has a neutral rating on the stock. B. Riley also issued estimates for Fox Factory’s FY2024 earnings at $2.32 EPS.

Several other equities research analysts have also recently commented on the stock. Truist Financial cut their price objective on shares of Fox Factory from $60.00 to $50.00 and set a buy rating on the stock in a research report on Friday. StockNews.com lowered shares of Fox Factory from a hold rating to a sell rating in a research note on Monday, February 26th. Bank of America cut Fox Factory from a buy rating to a neutral rating and set a $55.00 price objective for the company. in a report on Friday, February 23rd. Robert W. Baird cut their price target on Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a report on Friday. Finally, Stifel Nicolaus dropped their price objective on shares of Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $46.83.

Fox Factory Stock Performance

Shares of Fox Factory stock opened at $44.31 on Friday. Fox Factory has a 12 month low of $37.98 and a 12 month high of $117.68. The company has a current ratio of 3.43, a quick ratio of 1.85 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $1.86 billion, a PE ratio of 24.75, a PEG ratio of 3.66 and a beta of 1.68. The stock’s fifty day simple moving average is $46.36 and its 200 day simple moving average is $58.99.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.10. The business had revenue of $333.50 million for the quarter, compared to analysts’ expectations of $327.58 million. Fox Factory had a return on equity of 10.56% and a net margin of 5.41%. Fox Factory’s revenue for the quarter was down 16.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.20 EPS. On average, research analysts predict that Fox Factory will post 2.42 EPS for the current year.

Institutional Investors Weigh In On Fox Factory

Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Fox Factory in the 4th quarter valued at $31,429,000. FMR LLC raised its stake in Fox Factory by 46.2% in the third quarter. FMR LLC now owns 1,136,720 shares of the company’s stock valued at $112,626,000 after purchasing an additional 359,168 shares in the last quarter. Norden Group LLC lifted its position in Fox Factory by 3,378.1% during the first quarter. Norden Group LLC now owns 286,420 shares of the company’s stock worth $14,914,000 after purchasing an additional 278,185 shares during the period. Bamco Inc. NY acquired a new stake in Fox Factory during the third quarter worth about $27,247,000. Finally, RWWM Inc. bought a new position in Fox Factory in the 4th quarter valued at about $7,969,000.

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.