Fox Factory Holding Corp. (NASDAQ:FOXF) is among the top gainers of the stock market today, skyrocketing 4.1% or (2.5 points) to $63.45 from its previous close of $60.95. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 93772 contracts so far this session. FOXF shares had a relatively better volume day versus average trading capacity of 231.95 thousand shares, but with a 38.14 million float and a 0.54% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for FOXF stock indicates that the average analyst price target is $84.29 per share. This means the stock has a potential increase of 32.84% from where the FOXF share price has been trading recently which is between $60.86 and $61.9.
During the recent trading session for Fox Factory Holding Corp. (NASDAQ:FOXF), the company witnessed their stock rise $3.06 over a week and tumble down $-4.48 from the price 20 days ago. When compared to their established 52-week high of $86.91, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/29/19. The recent low of $49.97 stood for a -26.99% since 10/29/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.33 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Fox Factory Holding Corp., the two-week RSI stands at 48.31. This figure suggests that FOXF stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current FOXF readings is similarly very revealing as it has a stochastic reading of 57.72% at this stage. This figure means that FOXF share price today is being neutral.
Technical chart claims that Fox Factory Holding Corp. (FOXF) would settle between $61.61/share to $62.28/share level. However, if the stock price goes below the $60.57 mark, then the market for Fox Factory Holding Corp. becomes much weaker. If that happens, the stock price might even plunge as low as $60.2 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.74. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at BofA/Merrill lifted target price for shares of FOXF but were stick to Neutral recommendation for the stock in their opinion released on August 01. The price target has been raised from $78 to $86. Stifel analysts again handed out a Hold recommendation to Fox Factory Holding Corp. (NASDAQ:FOXF) stock but they lifted target price for the shares in a flash note issued to investors on August 02. The target price has been raised from $42 to $55. Analysts at Jefferies, made their first call for the equity with a Buy recommendation, according to a research note that dated back to July 16.
FOXF equity has an average rating of 2.36, with the figure leaning towards a bullish end. 8 analysts who tracked the company were contacted by Reuters. Amongst them, 5 rated the stock as a hold while the remaining 3 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 3 analysts rated Fox Factory Holding Corp. (NASDAQ:FOXF) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, FOXF stock price is currently trading at 20.6X forward 12-month Consensus EPS estimates, and its P/E ratio is 27.8 while for the average stock in the same group, the multiple is 17. Fox Factory Holding Corp. current P/B ratio of 6.3 means it is trading at a premium against its industry’s 3.5.