Fox Factory (NASDAQ:FOXF) Downgraded by Bank of America to Underperform

Fox Factory (NASDAQ:FOXF) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Tuesday, Marketbeat.com reports. They presently have a $20.00 price objective on the stock. Bank of America‘s price target points to a potential upside of 10.56% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. Roth Mkm reaffirmed a “neutral” rating and issued a $20.00 price objective on shares of Fox Factory in a report on Friday, May 8th. Zacks Research raised Fox Factory from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 3rd. Needham & Company LLC restated a “buy” rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Weiss Ratings downgraded Fox Factory from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 11th. Finally, Stifel Nicolaus set a $24.00 price objective on Fox Factory in a 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 given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.20.

Fox Factory Stock Down 4.3%

Fox Factory stock opened at $18.09 on Tuesday. The stock has a market capitalization of $758.69 million, a price-to-earnings ratio of -2.52, a PEG ratio of 0.65 and a beta of 1.37. 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 has a twelve month low of $13.08 and a twelve month high of $31.18. The stock has a 50 day moving average of $17.58 and a two-hundred day moving average of $17.72.

Fox Factory (NASDAQ:FOXF) last issued its earnings results on Thursday, May 7th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.09. The business had revenue of $368.66 million for the quarter, compared to the consensus estimate of $351.75 million. Fox Factory had a negative net margin of 20.25% and a positive return on equity of 5.20%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 earnings per share. As a group, research analysts expect that Fox Factory will post 1.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Hantz Financial Services Inc. grew its stake in Fox Factory by 188.1% in the 4th quarter. Hantz Financial Services Inc. now owns 2,057 shares of the company’s stock valued at $35,000 after acquiring an additional 1,343 shares during the last quarter. Farther Finance Advisors LLC raised its position in Fox Factory by 108.3% during the fourth quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company’s stock worth $36,000 after acquiring an additional 1,079 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Fox Factory by 693.3% in the fourth quarter. Covestor Ltd now owns 2,943 shares of the company’s stock valued at $50,000 after purchasing an additional 2,572 shares in the last quarter. Resona Asset Management Co. Ltd. lifted its holdings in shares of Fox Factory by 33.3% in the fourth quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company’s stock valued at $73,000 after purchasing an additional 1,035 shares in the last quarter. Finally, OP Asset Management Ltd acquired a new stake in shares of Fox Factory in the first quarter valued at approximately $91,000.

About Fox Factory

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.