Fox Factory (NASDAQ:FOXF) Releases Q3 Earnings Guidance

Fox Factory (NASDAQ:FOXF) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $0.35 to $0.50 for the period, compared to the consensus EPS estimate of $0.81. The company issued revenue guidance of $355 million to $385 million, compared to the consensus revenue estimate of $417.39 million. Fox Factory also updated its FY 2024 guidance to 1.400-1.720 EPS.

Fox Factory Price Performance

Fox Factory stock traded down $8.05 during mid-day trading on Friday, reaching $41.48. 1,501,707 shares of the company’s stock traded hands, compared to its average volume of 478,198. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 23.17, a PEG ratio of 2.10 and a beta of 1.66. Fox Factory has a 12-month low of $37.98 and a 12-month high of $117.68. The stock has a 50 day moving average of $47.79 and a two-hundred day moving average of $50.52. The company has a quick ratio of 1.85, a current ratio of 3.43 and a debt-to-equity ratio of 0.63.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. Fox Factory had a net margin of 3.07% and a return on equity of 7.62%. The firm had revenue of $348.49 million during the quarter, compared to analysts’ expectations of $346.22 million. During the same period in the previous year, the company earned $1.21 EPS. The firm’s revenue for the quarter was down 13.0% compared to the same quarter last year. Equities analysts forecast that Fox Factory will post 2.4 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Bank of America cut their price objective on shares of Fox Factory from $55.00 to $48.00 and set a neutral rating on the stock in a report on Monday, May 6th. Truist Financial decreased their price objective on Fox Factory from $55.00 to $54.00 and set a buy rating for the company in a research note on Friday. Roth Mkm cut their target price on Fox Factory from $55.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. Robert W. Baird lowered their price target on shares of Fox Factory from $48.00 to $45.00 and set a neutral rating on the stock in a report on Friday. Finally, Stifel Nicolaus cut their price target on shares of Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $47.00.

Insider Transactions at Fox Factory

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

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.