Fox Factory (NASDAQ:FOXF) Releases Q3 Earnings Guidance

Fox Factory (NASDAQ:FOXF) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.35 to $0.50 for the period, compared to the consensus estimate of $0.81. The company issued revenue guidance of $355 million to $385 million, compared to the consensus revenue estimate of $417.39 million. Fox Factory also updated its FY 2024 guidance to 1.400-1.720 EPS.

Fox Factory Trading Down 16.3 %

Shares of FOXF stock traded down $8.05 during trading hours on Friday, hitting $41.48. 1,501,707 shares of the company were exchanged, compared to its average volume of 478,198. The firm has a market cap of $1.73 billion, a P/E ratio of 23.17, a P/E/G ratio of 2.10 and a beta of 1.66. Fox Factory has a fifty-two week low of $37.98 and a fifty-two week high of $117.68. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.85 and a current ratio of 3.43. The company has a 50 day simple moving average of $47.79 and a two-hundred day simple moving average of $50.52.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04. Fox Factory had a net margin of 3.07% and a return on equity of 7.62%. The company had revenue of $348.49 million during the quarter, compared to the consensus estimate of $346.22 million. During the same quarter last year, the firm posted $1.21 EPS. The company’s quarterly revenue was down 13.0% on a year-over-year basis. Equities analysts anticipate that Fox Factory will post 2.4 EPS for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on FOXF. Robert W. Baird dropped their price objective on Fox Factory from $48.00 to $45.00 and set a neutral rating on the stock in a research note on Friday. Roth Mkm dropped their price objective on Fox Factory from $55.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. Bank of America lowered their target price on Fox Factory from $55.00 to $48.00 and set a neutral rating on the stock in a research note on Monday, May 6th. Stifel Nicolaus lowered their target price on Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research note on Wednesday, April 24th. Finally, B. Riley lowered their target price on Fox Factory from $50.00 to $45.00 and set a neutral rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Fox Factory currently has a consensus rating of Hold and a consensus target price of $47.00.

Insider Activity at Fox Factory

In related news, insider Thomas L. Fletcher sold 2,000 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $44.41, for a total transaction of $88,820.00. Following the transaction, the insider now owns 11,311 shares of the company’s stock, valued at approximately $502,321.51. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Fox Factory news, insider Thomas L. Fletcher sold 2,000 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $44.41, for a total transaction of $88,820.00. Following the completion of the sale, the insider now owns 11,311 shares of the company’s stock, valued at approximately $502,321.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael C. Dennison purchased 11,250 shares of the company’s stock in a transaction on Monday, June 10th. The shares were purchased at an average cost of $44.30 per share, with a total value of $498,375.00. Following the transaction, the chief executive officer now directly owns 130,266 shares in the company, valued at $5,770,783.80. The disclosure for this purchase can be found here. 0.30% of the stock is owned by insiders.

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.