Fox Factory (NASDAQ:FOXF) Shares Up 6.4% – Still a Buy?

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF) shot up 6.4% during mid-day trading on Thursday . The company traded as high as $19.14 and last traded at $19.1810. Approximately 86,007 shares were traded during trading, a decline of 86% from the average daily volume of 610,323 shares. The stock had previously closed at $18.02.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Weiss Ratings downgraded Fox Factory from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 11th. Roth Capital reaffirmed a “neutral” rating and issued a $20.00 price target on shares of Fox Factory in a report on Friday, May 8th. Bank of America lowered Fox Factory from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $24.00 to $20.00 in a report on Tuesday, June 30th. Needham & Company LLC restated a “buy” rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Finally, Zacks Research raised shares of Fox Factory from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $23.20.

Fox Factory Price Performance

The firm has a market cap of $797.70 million, a P/E ratio of -2.65, a PEG ratio of 0.76 and a beta of 1.37. The business’s fifty day simple moving average is $17.49 and its 200-day simple moving average is $17.71. The company has a current ratio of 2.99, a quick ratio of 1.52 and a debt-to-equity ratio of 1.00.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $351.75 million. During the same period last year, the company earned $0.23 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, analysts forecast that Fox Factory Holding Corp. will post 1.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Fox Factory

Hedge funds have recently bought and sold shares of the company. Hantz Financial Services Inc. grew its position in shares of Fox Factory by 188.1% during the 4th quarter. Hantz Financial Services Inc. now owns 2,057 shares of the company’s stock valued at $35,000 after purchasing an additional 1,343 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Fox Factory by 108.3% during the fourth quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company’s stock valued at $36,000 after buying an additional 1,079 shares during the period. Covestor Ltd boosted its stake in Fox Factory by 693.3% during the fourth quarter. Covestor Ltd now owns 2,943 shares of the company’s stock valued at $50,000 after buying an additional 2,572 shares during the period. Resona Asset Management Co. Ltd. grew its position in Fox Factory by 33.3% during the fourth quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company’s stock worth $73,000 after buying an additional 1,035 shares in the last quarter. Finally, OP Asset Management Ltd purchased a new position in Fox Factory during the first quarter worth about $91,000.

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.