Fox Factory Holding Corp (NASDAQ:FOXF) stock has reached a new 52-week low, dipping to $32.92, as the company faces a challenging market environment. Over the past year, FOXF has seen a significant decline, with the 1-year change data reflecting a steep drop of -56.71%. This downturn highlights the pressures faced by the firm in a competitive sector that has been impacted by broader economic factors, including supply chain disruptions and shifting consumer demand. Investors are closely monitoring the company's performance and strategies for recovery as it navigates through these headwinds.
In other recent news, Fox Factory reported a 4.5% increase in net sales to $348.5 million in the second quarter of fiscal 2024, with adjusted earnings per share of $0.38. The company revised its full-year guidance, projecting sales between $1.407 billion and $1.477 billion, and adjusted earnings per diluted share ranging from $1.40 to $1.72. Financial services firm Stifel reduced its price target for Fox Factory to $40, maintaining a Hold rating, while Truist Securities lowered its target to $42 but kept a Buy rating. On the other hand, Roth/MKM and B.Riley maintained a Neutral rating, with Roth/MKM reducing its target to $36 and B.Riley adjusting its price target from $2.50 to $2.11. These recent developments also include leadership transitions within Fox Factory and an exclusive license agreement with MLB for Marucci and Victus bats starting in 2025.
InvestingPro Insights
Fox Factory Holding Corp's recent stock performance aligns with several key insights from InvestingPro. The company's stock is indeed trading near its 52-week low, with InvestingPro data showing a significant price decline over the past year. This is reflected in the stark 55.7% one-year price total return as of the latest data.
The challenging market environment mentioned in the article is further substantiated by InvestingPro metrics. Revenue growth has turned negative, with a 16.86% decline in the last twelve months as of Q2 2024. This downturn is also evident in the company's EBITDA, which has seen a substantial 40.66% decrease over the same period.
InvestingPro Tips highlight that Fox Factory's stock price movements are quite volatile, which is consistent with the current market challenges and the company's recent performance. Additionally, while the company remains profitable over the last twelve months, net income is expected to drop this year, potentially adding to investor concerns.
For readers seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Fox Factory Holding Corp, providing a deeper understanding of the company's financial health and market position.
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