Why Fox Factory Holding Stock Was Falling This Week
Week to date, shares of Fox Factory Holding (NASDAQ: FOXF) were down 8.7% through Thursday's close, according to data provided by S&P Global Market Intelligence.
The maker of off-road vehicle products reported another strong quarter of growth this week, but the market's worry about the direction of interest rates and the bear market for stocks has weighed on Fox Factory's share price this year. Year to date, the stock has fallen 52%, but it could be a compelling buy on top of continued growth in the business.
Bear markets tend to pull everything down no matter how well a business may continue to perform. That seems to be the case here. Fox Factory is a leading manufacturer of products that improve the performance of off-road bikes and vehicles. Through the first nine months of 2022, sales increased 25% year over year, with revenue hitting a quarterly record in the third quarter.
Source Fool.com
