Fox Factory (NASDAQ:FOXF) Shares Gap Down on Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF) shares gapped down before the market opened on Tuesday after Bank of America downgraded the stock from a neutral rating to an underperform rating. The stock had previously closed at $18.09, but opened at $17.20. Bank of America now has a $20.00 price target on the stock. Fox Factory shares last traded at $16.3850, with a volume of 144,065 shares changing hands.

A number of other equities research analysts have also weighed in on the stock. Roth Mkm reaffirmed a “neutral” rating and set a $20.00 target price on shares of Fox Factory in a research note on Friday, May 8th. Weiss Ratings cut Fox Factory from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 11th. Zacks Research upgraded shares of Fox Factory from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 3rd. Needham & Company LLC reiterated a “buy” rating on shares of Fox Factory in a report on Wednesday, June 3rd. Finally, Stifel Nicolaus set a $24.00 target price on shares of Fox Factory in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.20.

Hedge Funds Weigh In On Fox Factory

Several institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its holdings in Fox Factory by 82.2% during the 1st quarter. Royal Bank of Canada now owns 12,898 shares of the company’s stock valued at $301,000 after buying an additional 5,820 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Fox Factory by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,142 shares of the company’s stock worth $587,000 after buying an additional 1,103 shares during the period. Millennium Management LLC lifted its position in shares of Fox Factory by 18.7% during the first quarter. Millennium Management LLC now owns 464,493 shares of the company’s stock worth $10,841,000 after purchasing an additional 73,090 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Fox Factory during the 1st quarter valued at about $263,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fox Factory by 20.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,431 shares of the company’s stock valued at $2,041,000 after acquiring an additional 15,021 shares in the last quarter.

Fox Factory Stock Down 8.8%

The firm has a market capitalization of $691.80 million, a PE ratio of -2.30, a PEG ratio of 0.65 and a beta of 1.37. The company has a fifty day simple moving average of $17.58 and a two-hundred day simple moving average of $17.72. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.52 and a current ratio of 2.99.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.09 by $0.09. Fox Factory had a positive return on equity of 5.20% and a negative net margin of 20.25%.The firm had revenue of $368.66 million for the quarter, compared to analyst estimates of $351.75 million. During the same quarter last year, the firm posted $0.23 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. Analysts forecast that Fox Factory Holding Corp. will post 1.45 EPS for the current fiscal year.

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.