Fox Factory (NASDAQ:FOXF) Updates FY24 Earnings Guidance

Fox Factory (NASDAQ:FOXF) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $2.30-2.55 for the period, compared to the consensus earnings per share estimate of $2.43. The company issued revenue guidance of $1.53-1.61 billion, compared to the consensus revenue estimate of $1.56 billion. Fox Factory also updated its Q2 guidance to $0.30-0.40 EPS.

Wall Street Analyst Weigh In

FOXF has been the topic of a number of research analyst reports. Roth Mkm lowered their price target on Fox Factory from $55.00 to $45.00 and set a neutral rating on the stock in a report on Friday. Robert W. Baird 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 Friday. Stifel Nicolaus reduced their price target on shares of Fox Factory from $56.00 to $45.00 and set a hold rating for the company in a research report on Wednesday, April 24th. Bank of America cut shares of Fox Factory from a buy rating to a neutral rating and set a $55.00 price target for the company. in a report on Friday, February 23rd. Finally, B. Riley dropped their price target on shares of Fox Factory from $50.00 to $45.00 and set a neutral rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Fox Factory currently has an average rating of Hold and a consensus price target of $48.00.

Fox Factory Stock Up 10.4 %

NASDAQ FOXF traded up $4.10 during trading on Friday, reaching $43.52. The company’s stock had a trading volume of 1,149,487 shares, compared to its average volume of 638,720. The business has a 50-day moving average price of $46.45 and a 200-day moving average price of $59.53. Fox Factory has a 1-year low of $37.98 and a 1-year high of $117.68. The stock has a market capitalization of $1.83 billion, a PE ratio of 24.31, a PEG ratio of 3.66 and a beta of 1.68. 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 (NASDAQ:FOXF) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.10. The business had revenue of $333.50 million during the quarter, compared to analyst estimates of $327.58 million. Fox Factory had a net margin of 5.41% and a return on equity of 10.50%. Fox Factory’s quarterly revenue was down 16.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.20 EPS. On average, research analysts forecast that Fox Factory will post 2.42 earnings per share for the current fiscal year.

About Fox Factory

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.