Fox Factory (NASDAQ:FOXF) Releases FY 2024 Earnings Guidance

Fox Factory (NASDAQ:FOXF) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.400-1.720 for the period, compared to the consensus EPS estimate of 2.400. The company issued revenue guidance of $1.4 billion-$1.5 billion, compared to the consensus revenue estimate of $1.5 billion. Fox Factory also updated its Q3 guidance to $0.35 to $0.50 EPS.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. B. Riley reduced their price target on Fox Factory from $50.00 to $45.00 and set a neutral rating on the stock in a report on Friday. Roth Mkm reduced their target price on shares of Fox Factory from $55.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. Truist Financial decreased their target price on shares of Fox Factory from $55.00 to $54.00 and set a buy rating on the stock in a report on Friday. Stifel Nicolaus cut their price target on shares of Fox Factory from $56.00 to $45.00 and set a hold rating for the company in a report on Wednesday, April 24th. Finally, Robert W. Baird decreased their price objective on Fox Factory from $48.00 to $45.00 and set a neutral rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $47.00.

Fox Factory Trading Down 16.3 %

Shares of FOXF traded down $8.05 during trading on Friday, reaching $41.48. 1,501,707 shares of the company traded hands, compared to its average volume of 478,198. The stock has a 50-day simple moving average of $47.79 and a 200-day simple moving average of $50.32. The stock has a market cap of $1.73 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 2.10 and a beta of 1.66. Fox Factory has a twelve month low of $37.98 and a twelve month high of $117.68. The company has a quick ratio of 1.85, a current ratio of 3.43 and a debt-to-equity ratio of 0.63.

Fox Factory (NASDAQ:FOXF) last posted its earnings results on Thursday, August 1st. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.03. Fox Factory had a net margin of 3.07% and a return on equity of 7.62%. The firm 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 earned $1.21 EPS. The firm’s revenue for the quarter was down 13.0% on a year-over-year basis. On average, analysts anticipate that Fox Factory will post 2.4 earnings per share for the current year.

Insider Activity at Fox Factory

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

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.