Fox Factory (NASDAQ:FOXF) Raised to “Strong-Buy” at Zacks Research

Fox Factory (NASDAQ:FOXF) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other equities research analysts also recently issued reports on FOXF. Bank of America downgraded shares of Fox Factory from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $24.00 to $20.00 in a research report on Tuesday, June 30th. Roth Capital reiterated a “neutral” rating and set a $20.00 target price on shares of Fox Factory in a research report on Friday, May 8th. Fox Advisors set a $20.00 price target on Fox Factory in a report on Tuesday, June 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of Fox Factory in a report on Friday, August 7th. Finally, Needham & Company LLC restated a “buy” rating on shares of Fox Factory in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Fox Factory Stock Performance

FOXF opened at $20.04 on Monday. The company’s 50 day moving average is $19.15 and its 200 day moving average is $18.02. The company has a current ratio of 3.10, a quick ratio of 1.55 and a debt-to-equity ratio of 0.96. The company has a market cap of $842.28 million, a price-to-earnings ratio of -2.81, a PEG ratio of 0.59 and a beta of 1.38. Fox Factory has a 12-month low of $13.08 and a 12-month high of $29.97.

Fox Factory (NASDAQ:FOXF) last announced its earnings results on Thursday, August 6th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.19. Fox Factory had a negative net margin of 20.39% and a positive return on equity of 5.57%. The business had revenue of $358.12 million during the quarter, compared to analysts’ expectations of $352.94 million. During the same period in the prior year, the company earned $0.40 earnings per share. The firm’s revenue was down 4.5% on a year-over-year basis. On average, equities research analysts predict that Fox Factory will post 1.55 EPS for the current year.

Institutional Trading of Fox Factory

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP increased its stake in shares of Fox Factory by 1.1% in the fourth quarter. Engineers Gate Manager LP now owns 73,895 shares of the company’s stock worth $1,264,000 after purchasing an additional 770 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Fox Factory by 12.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,818 shares of the company’s stock valued at $203,000 after buying an additional 858 shares in the last quarter. Resona Asset Management Co. Ltd. lifted its stake in shares of Fox Factory by 33.3% during the 4th quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company’s stock valued at $73,000 after buying an additional 1,035 shares in the last quarter. Creative Planning boosted its holdings in Fox Factory by 11.6% in the 3rd quarter. Creative Planning now owns 9,971 shares of the company’s stock worth $242,000 after buying an additional 1,040 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in Fox Factory by 108.3% in the 4th quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company’s stock worth $36,000 after buying an additional 1,079 shares during the period.

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.