Fox Factory Holding Corp. (FOXF) Stock Corrected on Lowered Guidance
Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 4.93% net-of-fees in the second quarter, compared to the Russell 2000 Growth Index’s 7.05% return. The key source of underperformance was poor stock selection, with allocation effects providing little benefit. The underperformance was mostly concentrated in the Industrials sector with minor declines in the Technology and Basic Materials sectors. Gains in the Consumer Discretionary and Utilities sectors partially offset these losses. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Small Cap Strategy highlighted stocks like Fox Factory Holding Corp. (NASDAQ:FOXF) in the second quarter 2023 investor letter. Headquartered in Duluth, Georgia, Fox Factory Holding Corp. (NASDAQ:FOXF) is a ride dynamics products manufacturer. On August 9, 2023, Fox Factory Holding Corp. (NASDAQ:FOXF) stock closed at $111.84 per share. One-month return of Fox Factory Holding Corp. (NASDAQ:FOXF) was 0.76%, and its shares gained 3.00% of their value over the last 52 weeks. Fox Factory Holding Corp. (NASDAQ:FOXF) has a market capitalization of $4.731 billion.
Conestoga Small Cap Strategy made the following comment about Fox Factory Holding Corp. (NASDAQ:FOXF) in its second quarter 2023 investor letter:
"Fox Factory Holding Corp. (NASDAQ:FOXF): FOXF designs, manufactures, and markets premium suspension products for the Mountain Bike and Power Sports markets. FOXF stock has corrected due to lowered guidance that relates to excess inventory in the bike channel and concerns about bike demand in 2023. We have been concerned about the macro conditions of the bike segment and have trimmed our position in FOXF multiple times over the past year."
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Fox Factory Holding Corp. (NASDAQ:FOXF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Fox Factory Holding Corp. (NASDAQ:FOXF) at the end of first quarter which was 16 in the previous quarter.
We discussed Fox Factory Holding Corp. (NASDAQ:FOXF) in another article and shared Conestoga Small Cap Strategy's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
