Fox Factory (NASDAQ:FOXF) Reaches New 12-Month Low – Here’s Why

Fox Factory Holding Corp. (NASDAQ:FOXF)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $23.19 and last traded at $23.65, with a volume of 38218 shares trading hands. The stock had previously closed at $24.26.

Analyst Ratings Changes

Several equities analysts have recently weighed in on FOXF shares. Jefferies Financial Group reduced their price target on Fox Factory from $45.00 to $38.00 and set a “buy” rating for the company in a report on Friday, February 28th. Stifel Nicolaus raised shares of Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Wednesday, December 11th. Robert W. Baird dropped their target price on shares of Fox Factory from $38.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Finally, Truist Financial reduced their price target on shares of Fox Factory from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Fox Factory has an average rating of “Hold” and an average price target of $39.14.

Fox Factory Stock Performance

The firm has a market cap of $975.82 million, a P/E ratio of 90.07, a P/E/G ratio of 1.45 and a beta of 1.65. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.62 and a current ratio of 3.21. The business’s 50-day simple moving average is $26.42 and its 200 day simple moving average is $31.68.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings results on Thursday, February 27th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.02. The business had revenue of $352.84 million for the quarter, compared to the consensus estimate of $321.31 million. Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. As a group, equities analysts predict that Fox Factory Holding Corp. will post 1.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its stake in Fox Factory by 6,413.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,352,242 shares of the company’s stock valued at $40,932,000 after buying an additional 1,331,480 shares during the last quarter. RWWM Inc. raised its holdings in shares of Fox Factory by 174.0% during the 4th quarter. RWWM Inc. now owns 1,997,531 shares of the company’s stock worth $60,465,000 after acquiring an additional 1,268,460 shares in the last quarter. Nantahala Capital Management LLC bought a new position in shares of Fox Factory during the 4th quarter valued at approximately $19,252,000. William Blair Investment Management LLC grew its holdings in shares of Fox Factory by 17.1% in the fourth quarter. William Blair Investment Management LLC now owns 2,983,482 shares of the company’s stock valued at $90,310,000 after purchasing an additional 434,998 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Fox Factory by 722.1% in the fourth quarter. Millennium Management LLC now owns 391,403 shares of the company’s stock valued at $11,848,000 after purchasing an additional 343,793 shares in the last quarter.

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.