Fox Factory Holding Corp (NASDAQ:FOXF) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 2,140,000 shares, an increase of 27.4% from the August 30th total of 1,680,000 shares. Approximately 5.6% of the shares of the company are sold short. Based on an average daily volume of 231,300 shares, the days-to-cover ratio is currently 9.3 days.
In related news, Director Larry L. Enterline sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $67.76, for a total value of $2,032,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Zvi Glasman sold 13,583 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $72.93, for a total value of $990,608.19. Following the completion of the sale, the chief financial officer now owns 20,284 shares of the company’s stock, valued at $1,479,312.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,451 shares of company stock valued at $7,025,869. Corporate insiders own 2.30% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in FOXF. JPMorgan Chase & Co. increased its position 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 valued at $42,431,000 after purchasing an additional 489,856 shares during the period. Eagle Asset Management Inc. bought a new stake in shares of Fox Factory during the second quarter valued at approximately $28,317,000. Carillon Tower Advisers Inc. bought a new stake in shares of Fox Factory during the second quarter valued at approximately $25,496,000. Redwood Investments LLC bought a new stake in shares of Fox Factory during the second quarter valued at approximately $21,434,000. Finally, Nuveen Asset Management LLC bought a new stake in shares of Fox Factory during the second quarter valued at approximately $15,300,000. Institutional investors and hedge funds own 99.71% of the company’s stock.
Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.02. The company had revenue of $192.10 million for 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%. The company’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.56 EPS. On average, equities analysts expect that Fox Factory will post 2.62 earnings per share for the current year.
FOXF has been the subject of several analyst reports. Stifel Nicolaus boosted their target price on Fox Factory from $72.00 to $76.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Bank of America reaffirmed a “neutral” rating and issued a $86.00 price target (up from $78.00) on shares of Fox Factory in a research report on Thursday, August 1st. Zacks Investment Research downgraded Fox Factory from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. ValuEngine downgraded Fox Factory from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Finally, BidaskClub downgraded Fox Factory from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Fox Factory has an average rating of “Hold” and a consensus target price of $77.40.
About Fox Factory
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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