Fox Factory (NASDAQ:FOXF) Updates FY 2024 Earnings Guidance

Fox Factory (NASDAQ:FOXF) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 1.400-1.720 for the period, compared to the consensus estimate of 2.400. The company issued revenue guidance of $1.4 billion-$1.5 billion, compared to the consensus revenue estimate of $1.5 billion. Fox Factory also updated its Q3 guidance to $0.35 to $0.50 EPS.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FOXF. B. Riley decreased their price target on Fox Factory from $50.00 to $45.00 and set a neutral rating on the stock in a research note on Friday. Truist Financial lowered their price target on shares of Fox Factory from $55.00 to $54.00 and set a buy rating for the company in a report on Friday. Bank of America cut their price target 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. Robert W. Baird lowered their price objective on shares of Fox Factory from $48.00 to $45.00 and set a neutral rating for the company in a research note on Friday. Finally, Stifel Nicolaus cut their target price on Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Fox Factory has an average rating of Hold and an average price target of $47.00.

Fox Factory Trading Down 16.3 %

Shares of NASDAQ:FOXF traded down $8.05 on Friday, hitting $41.48. The company had a trading volume of 1,501,707 shares, compared to its average volume of 478,198. Fox Factory has a 1 year low of $37.98 and a 1 year high of $117.68. The company has a quick ratio of 1.85, a current ratio of 3.43 and a debt-to-equity ratio of 0.63. The firm’s 50-day simple moving average is $47.79 and its two-hundred day simple moving average is $50.32. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 23.17, a P/E/G ratio of 2.10 and a beta of 1.66.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.35 by $0.03. Fox Factory had a net margin of 3.07% and a return on equity of 7.62%. The business had revenue of $348.49 million during the quarter, compared to analyst estimates of $346.22 million. During the same period last year, the business posted $1.21 earnings per share. Fox Factory’s quarterly revenue was down 13.0% compared to the same quarter last year. Equities analysts anticipate that Fox Factory will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fox Factory news, CEO Michael C. Dennison acquired 11,250 shares of the business’s stock in a transaction on Monday, June 10th. The shares were acquired at an average price of $44.30 per share, for a total transaction of $498,375.00. Following the completion of the acquisition, the chief executive officer now owns 130,266 shares in the company, valued at $5,770,783.80. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Thomas L. Fletcher sold 2,000 shares of Fox Factory stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $44.41, for a total value of $88,820.00. Following the completion of the transaction, the insider now owns 11,311 shares of the company’s stock, valued at approximately $502,321.51. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael C. Dennison purchased 11,250 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were purchased at an average price of $44.30 per share, for a total transaction of $498,375.00. Following the acquisition, the chief executive officer now owns 130,266 shares of the company’s stock, valued at $5,770,783.80. The disclosure for this purchase can be found here. 0.30% of the stock is owned by insiders.

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.