Fox Factory (NASDAQ:FOXF) Updates Q2 Earnings Guidance

Fox Factory (NASDAQ:FOXF) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.30-0.40 for the period, compared to the consensus EPS estimate of $0.53. The company issued revenue guidance of $340-360 million, compared to the consensus revenue estimate of $379.40 million. Fox Factory also updated its FY24 guidance to $2.30-2.55 EPS.

Fox Factory Stock Performance

Shares of Fox Factory stock traded up $4.10 during trading on Friday, hitting $43.52. 1,149,487 shares of the company’s stock traded hands, compared to its average volume of 638,720. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.70 and a quick ratio of 1.91. The stock has a market capitalization of $1.83 billion, a P/E ratio of 24.31, a PEG ratio of 3.66 and a beta of 1.68. The business has a 50-day simple moving average of $46.45 and a 200-day simple moving average of $59.53. Fox Factory has a 1 year low of $37.98 and a 1 year high of $117.68.

Fox Factory (NASDAQ:FOXF) last announced its earnings results on Thursday, May 2nd. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. The business had revenue of $333.50 million during the quarter, compared to analysts’ expectations of $327.58 million. Fox Factory had a net margin of 5.41% and a return on equity of 10.50%. The firm’s revenue was down 16.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 earnings per share. As a group, analysts forecast that Fox Factory will post 2.42 EPS for the current year.

Analyst Ratings Changes

Several analysts have commented on FOXF shares. Roth Mkm decreased their price target 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. StockNews.com downgraded Fox Factory from a hold rating to a sell rating in a report on Monday, February 26th. Stifel Nicolaus decreased their price objective 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. Truist Financial lowered their target price on Fox Factory from $60.00 to $50.00 and set a buy rating for the company in a report on Friday. Finally, Robert W. Baird dropped their price objective on shares of Fox Factory from $55.00 to $48.00 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 issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $48.00.

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.