Fox Factory (NASDAQ:FOXF) Updates FY24 Earnings Guidance

Fox Factory (NASDAQ:FOXF) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $2.30-2.55 for the period, compared to the consensus EPS 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.

Fox Factory Price Performance

FOXF traded up $4.10 during trading on Friday, reaching $43.52. 1,149,487 shares of the stock were exchanged, 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 company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 24.31, a P/E/G ratio of 3.66 and a beta of 1.68. Fox Factory has a 1 year low of $37.98 and a 1 year high of $117.68. The business’s 50 day moving average price is $46.45 and its two-hundred day moving average price is $59.53.

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

Analysts Set New Price Targets

A number of brokerages have commented on FOXF. B. Riley lowered their target price on Fox Factory from $50.00 to $45.00 and set a neutral rating on the stock in a report on Friday. Bank of America cut shares of Fox Factory from a buy rating to a neutral rating and set a $55.00 price target on the stock. in a research note on Friday, February 23rd. Robert W. Baird cut their price objective on shares of Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a research report on Friday. StockNews.com lowered shares of Fox Factory from a hold rating to a sell rating in a research report on Monday, February 26th. Finally, Truist Financial cut their price target on Fox Factory from $60.00 to $50.00 and set a buy rating for the company in a report on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has an average 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.