Fox Factory (NASDAQ:FOXF) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Fox Factory (NASDAQ:FOXF) from a hold rating to a strong-buy rating in a research note published on Monday,Zacks reports.

Other equities analysts also recently issued research reports about the stock. Fox Advisors set a $20.00 price objective on shares of Fox Factory in a research report on Tuesday, June 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Fox Factory in a research note on Friday, August 7th. Bank of America cut shares of Fox Factory from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $24.00 to $20.00 in a report on Tuesday, June 30th. Needham & Company LLC reaffirmed a “buy” rating on shares of Fox Factory in a report on Wednesday, June 3rd. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

Fox Factory Trading Down 1.9%

Shares of FOXF stock opened at $20.04 on Monday. The business’s 50 day moving average is $19.15 and its two-hundred day moving average is $18.02. Fox Factory has a twelve month low of $13.08 and a twelve month high of $29.97. The company has a market capitalization of $842.28 million, a P/E ratio of -2.81, a price-to-earnings-growth ratio of 0.59 and a beta of 1.38. The company has a current ratio of 3.10, a quick ratio of 1.55 and a debt-to-equity ratio of 0.96.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.18 by $0.19. Fox Factory had a positive return on equity of 5.57% and a negative net margin of 20.39%.The business had revenue of $358.12 million during the quarter, compared to analysts’ expectations of $352.94 million. During the same quarter in the prior year, the business earned $0.40 earnings per share. The company’s quarterly revenue was down 4.5% compared to the same quarter last year. Equities analysts forecast that Fox Factory will post 1.55 EPS for the current year.

Institutional Trading of Fox Factory

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Fox Factory during the second quarter worth approximately $109,706,000. Nantahala Capital Management LLC boosted its holdings in shares of Fox Factory by 200.3% in the 4th quarter. Nantahala Capital Management LLC now owns 2,188,300 shares of the company’s stock valued at $37,442,000 after purchasing an additional 1,459,652 shares during the last quarter. Engine Capital Management LP grew its stake in shares of Fox Factory by 162.3% during the 1st quarter. Engine Capital Management LP now owns 2,026,230 shares of the company’s stock valued at $33,352,000 after buying an additional 1,253,808 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Fox Factory during the 2nd quarter worth $16,035,000. Finally, California State Teachers Retirement System increased its holdings in shares of Fox Factory by 2,113.9% during the 2nd quarter. California State Teachers Retirement System now owns 855,841 shares of the company’s stock worth $14,502,000 after buying an additional 817,183 shares during the last quarter.

About Fox Factory

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.