Fox Factory (NASDAQ:FOXF) Posts Earnings Results, Beats Estimates By $0.10 EPS

Fox Factory (NASDAQ:FOXF) posted its earnings results on Thursday. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.10, Briefing.com reports. The company had revenue of $333.50 million for the quarter, compared to analyst estimates of $327.58 million. Fox Factory had a return on equity of 10.50% and a net margin of 5.41%. The firm’s quarterly revenue was down 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. Fox Factory updated its Q2 guidance to $0.30-0.40 EPS and its FY24 guidance to $2.30-2.55 EPS.

Fox Factory Stock Up 10.4 %

Shares of NASDAQ FOXF opened at $43.52 on Friday. The stock has a market cap of $1.83 billion, a P/E ratio of 24.31, a PEG ratio of 3.32 and a beta of 1.68. The business’s fifty day simple moving average is $46.45 and its 200-day simple moving average is $59.78. The company has a current ratio of 3.70, a quick ratio of 1.91 and a debt-to-equity ratio of 0.61. Fox Factory has a 12-month low of $37.98 and a 12-month high of $117.68.

Analyst Upgrades and Downgrades

FOXF has been the subject of several recent research reports. B. Riley reduced their target price on shares of Fox Factory from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Friday. Bank of America downgraded Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Friday, February 23rd. Truist Financial decreased their price target on shares of Fox Factory from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday. Stifel Nicolaus dropped their price target on 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, Robert W. Baird decreased their price target on shares of Fox Factory from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $48.00.

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.