Shares of Fox Factory Holding Corp (FOXF) tumbled 5.55% in pre-market trading on Friday following the release of its second-quarter earnings report. The company, which specializes in high-performance suspension products, reported adjusted earnings per share of $0.40, falling short of the $0.44 consensus estimate from seven analysts.

Despite the earnings miss, Fox Factory's revenue rose 7.6% to $374.86 million, surpassing Wall Street expectations of $349.52 million. The company's net income for the quarter stood at $2.74 million, with a reported EPS of $0.07. This mixed performance comes after Fox Factory beat earnings estimates in two of the previous three quarters.

Despite the current setback, analysts maintain a generally positive outlook on Fox Factory stock. The average recommendation is "buy," with 3 "strong buy" or "buy" ratings and 4 "hold" ratings. Wall Street's median 12-month price target for Fox Factory is $30.00, slightly above its last closing price. However, investors seem to be focusing on the earnings miss, leading to the significant pre-market decline.