Fox Factory (NASDAQ:FOXF) Price Target Cut to $48.00 by Analysts at Bank of America

Fox Factory (NASDAQ:FOXF) had its price target trimmed by Bank of America from $55.00 to $48.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also recently issued reports about the stock. Roth Mkm lowered their price target on shares of Fox Factory from $55.00 to $45.00 and set a neutral rating on the stock in a report on Friday. StockNews.com lowered Fox Factory from a hold rating to a sell rating in a report on Monday, February 26th. Robert W. Baird dropped their target price on Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a report on Friday. Truist Financial reduced 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. Finally, B. Riley dropped their price objective on shares of Fox Factory from $50.00 to $45.00 and set a neutral rating for the company in a research note on Friday. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $46.83.

Fox Factory Stock Performance

FOXF opened at $44.31 on Monday. The company has a quick ratio of 1.85, a current ratio of 3.43 and a debt-to-equity ratio of 0.63. Fox Factory has a 12-month low of $37.98 and a 12-month high of $117.68. The business has a 50 day moving average of $46.36 and a 200-day moving average of $58.99. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 3.66 and a beta of 1.68.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.10. Fox Factory had a return on equity of 10.56% and a net margin of 5.41%. 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 posted $1.20 EPS. The company’s quarterly revenue was down 16.6% on a year-over-year basis. On average, equities research analysts expect that Fox Factory will post 2.42 earnings per share for the current year.

Institutional Trading of Fox Factory

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in Fox Factory by 1.1% in the third quarter. Bank of New York Mellon Corp now owns 440,251 shares of the company’s stock valued at $43,620,000 after buying an additional 4,607 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Fox Factory by 26.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,065 shares of the company’s stock valued at $700,000 after purchasing an additional 1,485 shares during the last quarter. Strs Ohio increased its position in Fox Factory by 10.5% during the 3rd quarter. Strs Ohio now owns 4,200 shares of the company’s stock worth $416,000 after purchasing an additional 400 shares in the last quarter. Advisor Partners II LLC bought a new position in Fox Factory in the 3rd quarter valued at approximately $224,000. Finally, Park Avenue Securities LLC acquired a new stake in Fox Factory in the third quarter valued at approximately $302,000.

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.