Fox Factory (FOXF) Trading Up 17.6% Following Earnings Beat

Fox Factory Holding Corp (NASDAQ:FOXF) was up 17.6% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $66.92 and last traded at $63.18. Approximately 901,232 shares traded hands during trading, an increase of 263% from the average daily volume of 247,948 shares. The stock had previously closed at $53.73.

The company reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.06. Fox Factory had a return on equity of 27.73% and a net margin of 10.93%. The firm had revenue of $175.80 million for the quarter, compared to analyst estimates of $173.33 million. During the same quarter in the prior year, the firm earned $0.46 earnings per share. Fox Factory’s revenue for the quarter was up 38.0% on a year-over-year basis.

Several equities research analysts have commented on FOXF shares. ValuEngine lowered Fox Factory from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 24th. Zacks Investment Research upgraded Fox Factory from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research report on Thursday, July 5th. BidaskClub lowered Fox Factory from a “buy” rating to a “hold” rating in a research report on Friday, October 19th. Bank of America upped their price objective on Fox Factory from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Finally, Jefferies Financial Group started coverage on Fox Factory in a research report on Monday, July 16th. They issued a “buy” rating and a $63.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $60.83.

In other news, CFO Zvi Glasman sold 5,000 shares of the stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $64.06, for a total transaction of $320,300.00. Following the transaction, the chief financial officer now owns 40,567 shares in the company, valued at approximately $2,598,722.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP William H. Katherman sold 7,287 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $63.02, for a total value of $459,226.74. Following the transaction, the senior vice president now owns 34,186 shares in the company, valued at approximately $2,154,401.72. The disclosure for this sale can be found here. Insiders have sold a total of 175,216 shares of company stock worth $11,906,170 in the last quarter. Insiders own 5.60% of the company’s stock.

Several large investors have recently made changes to their positions in FOXF. Cubist Systematic Strategies LLC lifted its position in shares of Fox Factory by 25.9% during the 1st quarter. Cubist Systematic Strategies LLC now owns 7,631 shares of the company’s stock valued at $266,000 after buying an additional 1,568 shares in the last quarter. Legal & General Group Plc raised its stake in Fox Factory by 2.5% in the 1st quarter. Legal & General Group Plc now owns 69,532 shares of the company’s stock valued at $2,411,000 after purchasing an additional 1,709 shares during the last quarter. Xact Kapitalforvaltning AB acquired a new position in Fox Factory in the 1st quarter valued at $252,000. Principal Financial Group Inc. raised its stake in Fox Factory by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 316,439 shares of the company’s stock valued at $11,044,000 after purchasing an additional 8,107 shares during the last quarter. Finally, Copper Rock Capital Partners LLC acquired a new position in Fox Factory in the 2nd quarter valued at $1,695,000. Hedge funds and other institutional investors own 97.76% of the company’s stock.

The company has a debt-to-equity ratio of 0.22, a current ratio of 2.18 and a quick ratio of 1.20. The company has a market cap of $1.95 billion, a P/E ratio of 39.74, a price-to-earnings-growth ratio of 1.47 and a beta of 0.81.

Fox Factory Company Profile (NASDAQ:FOXF)

Fox Factory Holding Corp. designs, engineers, manufactures, and markets ride dynamics products worldwide. The company offers front fork and rear suspension products for mountain bikes and road bikes; and powered vehicle products for side-by-side vehicles, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, specialty vehicles and applications, and motorcycles.

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