Formula Growth Ltd. Invests $4.11 Million in Fox Factory Holding Corp. $FOXF

Formula Growth Ltd. purchased a new stake in shares of Fox Factory Holding Corp. (NASDAQ:FOXF) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 242,442 shares of the company’s stock, valued at approximately $4,108,000. Fox Factory makes up approximately 1.4% of Formula Growth Ltd.’s holdings, making the stock its 13th biggest holding.

Other hedge funds have also bought and sold shares of the company. Engineers Gate Manager LP raised its holdings in Fox Factory by 1.1% during the 4th quarter. Engineers Gate Manager LP now owns 73,895 shares of the company’s stock valued at $1,264,000 after acquiring an additional 770 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Fox Factory by 12.3% in the second quarter. Russell Investments Group Ltd. now owns 7,818 shares of the company’s stock worth $203,000 after acquiring an additional 858 shares during the period. Resona Asset Management Co. Ltd. boosted 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 worth $73,000 after acquiring an additional 1,035 shares during the period. Creative Planning grew its position in shares of Fox Factory by 11.6% in the third quarter. Creative Planning now owns 9,971 shares of the company’s stock valued at $242,000 after purchasing an additional 1,040 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Fox Factory by 108.3% during the 4th quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company’s stock valued at $36,000 after purchasing an additional 1,079 shares during the period.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FOXF. Roth Capital restated a “neutral” rating and issued a $20.00 target price on shares of Fox Factory in a research note on Friday, May 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Fox Factory in a report on Friday, August 7th. Bank of America downgraded shares of Fox Factory from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $24.00 to $20.00 in a report on Tuesday, June 30th. Needham & Company LLC reaffirmed a “buy” rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Finally, Zacks Research raised shares of Fox Factory from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Fox Factory has an average rating of “Hold” and an average price target of $21.00.

Fox Factory Stock Performance

NASDAQ:FOXF opened at $21.10 on Friday. The business’s 50-day moving average price is $19.02 and its two-hundred day moving average price is $18.00. Fox Factory Holding Corp. has a twelve month low of $13.08 and a twelve month high of $29.97. The stock has a market cap of $886.83 million, a P/E ratio of -2.96, a PEG ratio of 0.60 and a beta of 1.35. The company has a quick ratio of 1.55, a current ratio of 3.10 and a debt-to-equity ratio of 0.96.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.18 by $0.19. The company had revenue of $358.12 million during the quarter, compared to analyst estimates of $352.94 million. Fox Factory had a positive return on equity of 5.57% and a negative net margin of 20.39%.Fox Factory’s revenue was down 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. As a group, equities analysts predict that Fox Factory Holding Corp. will post 1.55 EPS for the current fiscal year.

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.