Truist Financial Issues Pessimistic Forecast for Fox Factory (NASDAQ:FOXF) Stock Price

Fox Factory (NASDAQ:FOXF) had its price target dropped by investment analysts at Truist Financial from $40.00 to $24.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 21.15% from the stock’s previous close.

FOXF has been the subject of several other reports. Jefferies Financial Group lowered their price objective on Fox Factory from $45.00 to $38.00 and set a “buy” rating for the company in a report on Friday, February 28th. Robert W. Baird reduced their price objective on Fox Factory from $32.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, April 4th. Finally, Stifel Nicolaus decreased their price objective on shares of Fox Factory from $40.00 to $34.00 and set a “buy” rating for the company in a report on Thursday. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Fox Factory currently has a consensus rating of “Hold” and an average price target of $35.00.

Fox Factory Price Performance

FOXF stock opened at $19.81 on Monday. The company has a market capitalization of $826.31 million, a PE ratio of 76.20, a P/E/G ratio of 1.45 and a beta of 1.56. The company has a quick ratio of 1.62, a current ratio of 3.21 and a debt-to-equity ratio of 0.62. The stock’s 50 day moving average is $24.71 and its two-hundred day moving average is $30.07. Fox Factory has a 52-week low of $17.95 and a 52-week high of $54.86.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.02. The firm had revenue of $352.84 million for the quarter, compared to analysts’ expectations of $321.31 million. Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. Analysts predict that Fox Factory will post 1.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FOXF. FMR LLC boosted its holdings in shares of Fox Factory by 65.8% during the third quarter. FMR LLC now owns 7,674 shares of the company’s stock valued at $318,000 after acquiring an additional 3,045 shares during the period. HighTower Advisors LLC lifted its position in Fox Factory by 23.8% in the 3rd quarter. HighTower Advisors LLC now owns 5,880 shares of the company’s stock valued at $243,000 after purchasing an additional 1,131 shares during the last quarter. State Street Corp boosted its stake in Fox Factory by 0.4% during the 3rd quarter. State Street Corp now owns 1,596,222 shares of the company’s stock valued at $66,243,000 after purchasing an additional 6,308 shares during the period. MML Investors Services LLC grew its position in Fox Factory by 13.1% in the 3rd quarter. MML Investors Services LLC now owns 26,050 shares of the company’s stock worth $1,081,000 after purchasing an additional 3,018 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Fox Factory by 474.7% in the third quarter. Barclays PLC now owns 122,806 shares of the company’s stock valued at $5,097,000 after purchasing an additional 101,437 shares during the period.

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.