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

Fox Factory (NASDAQ:FOXF) released its quarterly earnings data on Thursday. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.10, Briefing.com reports. The business 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 13.86% and a net margin of 8.25%. The company’s revenue was down 16.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.20 EPS. 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 %

NASDAQ FOXF traded up $4.10 during mid-day trading on Friday, reaching $43.52. 1,149,486 shares of the company’s stock traded hands, compared to its average volume of 620,947. 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 1-year low of $37.98 and a 1-year high of $117.68. The company has a fifty day simple moving average of $46.45 and a 200-day simple moving average of $59.78. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 3.27 and a beta of 1.68.

Analysts Set New Price Targets

Several research firms have issued reports on FOXF. Robert W. Baird decreased their price objective on shares of Fox Factory from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Friday. StockNews.com downgraded Fox Factory from a “hold” rating to a “sell” rating in a report on Monday, February 26th. Bank of America cut Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research note on Friday, February 23rd. Stifel Nicolaus dropped their target price on Fox Factory from $56.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, April 24th. Finally, B. Riley reduced their price target on Fox Factory from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Fox Factory currently has a consensus rating of “Hold” and an average target price 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.