Fox Factory Holding Corp (NASDAQ:FOXF) Sees Significant Increase in Short Interest

Fox Factory Holding Corp (NASDAQ:FOXF) saw a significant growth in short interest in September. As of September 30th, there was short interest totalling 2,140,000 shares, a growth of 27.4% from the August 30th total of 1,680,000 shares. Approximately 5.6% of the company’s shares are short sold. Based on an average trading volume of 231,300 shares, the days-to-cover ratio is presently 9.3 days.

Shares of NASDAQ:FOXF traded up $3.01 during mid-day trading on Friday, reaching $63.96. 283,558 shares of the stock were exchanged, compared to its average volume of 297,748. The company has a quick ratio of 1.45, a current ratio of 2.73 and a debt-to-equity ratio of 0.21. The company has a market cap of $2.34 billion, a P/E ratio of 28.81, a P/E/G ratio of 1.40 and a beta of 1.33. Fox Factory has a one year low of $49.97 and a one year high of $86.91. The stock’s 50 day simple moving average is $66.14 and its 200-day simple moving average is $73.41.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.02. The business had revenue of $192.10 million during the quarter, compared to the consensus estimate of $187.96 million. Fox Factory had a return on equity of 29.77% and a net margin of 12.45%. Fox Factory’s quarterly revenue was up 22.5% on a year-over-year basis. During the same period last year, the company earned $0.56 earnings per share. Analysts anticipate that Fox Factory will post 2.62 EPS for the current fiscal year.

In other Fox Factory news, insider Christopher Tutton sold 461 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $75.01, for a total value of $34,579.61. Following the completion of the sale, the insider now directly owns 22,604 shares in the company, valued at $1,695,526.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Larry L. Enterline sold 39,407 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $66.81, for a total value of $2,632,781.67. The disclosure for this sale can be found here. Insiders sold 102,451 shares of company stock valued at $7,025,869 over the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Several large investors have recently bought and sold shares of FOXF. JPMorgan Chase & Co. grew its holdings in shares of Fox Factory by 1,594.8% during the second quarter. JPMorgan Chase & Co. now owns 520,571 shares of the company’s stock worth $42,431,000 after buying an additional 489,856 shares in the last quarter. Eagle Asset Management Inc. bought a new position in shares of Fox Factory during the second quarter worth about $28,317,000. Carillon Tower Advisers Inc. bought a new position in shares of Fox Factory during the second quarter worth about $25,496,000. Redwood Investments LLC bought a new position in shares of Fox Factory during the second quarter worth about $21,434,000. Finally, Nuveen Asset Management LLC bought a new position in shares of Fox Factory during the second quarter worth about $15,300,000. Institutional investors and hedge funds own 99.71% of the company’s stock.

FOXF has been the subject of several recent analyst reports. BidaskClub downgraded Fox Factory from a “sell” rating to a “strong sell” rating in a report on Saturday, September 7th. Bank of America restated a “neutral” rating and issued a $86.00 price target (up from $78.00) on shares of Fox Factory in a report on Thursday, August 1st. Zacks Investment Research downgraded Fox Factory from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. ValuEngine downgraded Fox Factory from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Finally, Stifel Nicolaus increased their price objective on Fox Factory from $72.00 to $76.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $77.40.

Fox Factory Company Profile

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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