Fox Factory (NASDAQ:FOXF) Trading Up 6.4% – Here’s Why

Shares of Fox Factory Holding Corp. (NASDAQ:FOXF) rose 6.4% during mid-day trading on Thursday . The company traded as high as $19.14 and last traded at $19.1810. 86,007 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 610,323 shares. The stock had previously closed at $18.02.

Analyst Ratings Changes

A number of research firms have recently weighed in on FOXF. Weiss Ratings lowered shares of Fox Factory from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 11th. Zacks Research raised Fox Factory from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 3rd. Fox Advisors set a $20.00 target price on Fox Factory in a research note on Tuesday, June 30th. Stifel Nicolaus set a $24.00 target price on Fox Factory in a report on Thursday, April 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of Fox Factory in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $23.20.

Fox Factory Trading Up 7.4%

The company has a debt-to-equity ratio of 1.00, a current ratio of 2.99 and a quick ratio of 1.52. The stock’s 50 day moving average is $17.44 and its 200-day moving average is $17.69. The company has a market capitalization of $811.46 million, a P/E ratio of -2.68, a P/E/G ratio of 0.68 and a beta of 1.37.

Fox Factory (NASDAQ:FOXF) last posted its earnings results on Thursday, May 7th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.09. The firm had revenue of $368.66 million for the quarter, compared to the consensus estimate of $351.75 million. Fox Factory had a positive return on equity of 5.20% and a negative net margin of 20.25%.The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.23 EPS. As a group, equities research analysts anticipate that Fox Factory Holding Corp. will post 1.41 earnings per share for the current year.

Institutional Trading of Fox Factory

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC increased its position in Fox Factory by 93.8% during the 1st quarter. Empowered Funds LLC now owns 372,186 shares of the company’s stock valued at $6,126,000 after buying an additional 180,168 shares in the last quarter. Engine Capital Management LP grew its stake in shares of Fox Factory by 162.3% in the first quarter. Engine Capital Management LP now owns 2,026,230 shares of the company’s stock worth $33,352,000 after acquiring an additional 1,253,808 shares during the last quarter. Estuary Capital Management LP increased its holdings in shares of Fox Factory by 15.3% during the first quarter. Estuary Capital Management LP now owns 1,815,271 shares of the company’s stock valued at $29,879,000 after acquiring an additional 240,512 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of Fox Factory by 216.8% during the first quarter. Quantinno Capital Management LP now owns 163,635 shares of the company’s stock valued at $2,693,000 after acquiring an additional 111,976 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Fox Factory by 103.4% in the 1st quarter. Sei Investments Co. now owns 213,103 shares of the company’s stock worth $3,508,000 after purchasing an additional 108,321 shares during the last quarter.

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.