Fox Factory (NASDAQ:FOXF) Given New $48.00 Price Target at Bank of America

Fox Factory (NASDAQ:FOXF) had its price target cut by equities researchers at Bank of America from $55.00 to $48.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 10.29% from the stock’s current price.

Several other research firms also recently weighed in on FOXF. Roth Mkm decreased their price target on shares of Fox Factory from $55.00 to $45.00 and set a “neutral” rating for the company in a research note on Friday. Robert W. Baird decreased their target price on shares of Fox Factory from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Friday. B. Riley decreased their target price on shares of Fox Factory from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Friday. Stifel Nicolaus decreased their target price on shares of Fox Factory from $56.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, April 24th. Finally, Truist Financial decreased their target price on shares of Fox Factory from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $46.83.

Fox Factory Price Performance

Shares of NASDAQ:FOXF opened at $43.52 on Monday. The firm has a market cap of $1.83 billion, a PE ratio of 24.31, a price-to-earnings-growth ratio of 3.66 and a beta of 1.68. The firm’s fifty day moving average is $46.45 and its 200-day moving average is $59.31. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.85 and a current ratio of 3.43. Fox Factory has a 52 week low of $37.98 and a 52 week high of $117.68.

Fox Factory (NASDAQ:FOXF) last announced its earnings results on Thursday, May 2nd. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. Fox Factory had a net margin of 5.41% and a return on equity of 10.56%. The business had revenue of $333.50 million during the quarter, compared to the consensus estimate of $327.58 million. During the same quarter last year, the firm earned $1.20 earnings per share. Fox Factory’s quarterly revenue was down 16.6% on a year-over-year basis. Sell-side analysts predict that Fox Factory will post 2.42 earnings per share for the current year.

Institutional Trading of Fox Factory

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Fox Factory in the 4th quarter worth about $31,429,000. FMR LLC boosted its holdings in Fox Factory by 46.2% in the third quarter. FMR LLC now owns 1,136,720 shares of the company’s stock worth $112,626,000 after acquiring an additional 359,168 shares in the last quarter. Norden Group LLC increased its holdings in shares of Fox Factory by 3,378.1% during the first quarter. Norden Group LLC now owns 286,420 shares of the company’s stock valued at $14,914,000 after acquiring an additional 278,185 shares in the last quarter. Bamco Inc. NY purchased a new stake in Fox Factory during the 3rd quarter valued at about $27,247,000. Finally, RWWM Inc. bought a new position in shares of Fox Factory in the fourth quarter worth approximately $7,969,000.

Fox Factory Company Profile

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.