Around 50 Wolves fans staged a demonstration outside Molineux tonight ahead of the Watford match following the club's recent winless run.
Members of the Wolves Supporters Alliance waved a banner and chanted "We want Moxey out" and "Where's the money gone?" as they gathered outside the Billy Wright Stand.
Organisers said they wanted to provide an "alternative voice" to the official fans' parliament, which confronted Steve Morgan during a heated meeting on Wednesday.
Members say they felt they had to take action as the club plunges towards a second consecutive relegation.
They insisted the protest was meant to be peaceful and said they would not tolerate violence.
Alliance spokesman Chris Bool, aged 44, of Bushbury, said: "I'm more than impressed with the turnout. All we want from the owner is transparency on the running of Wolverhampton Wanderers.
"We would like to know where he plans to take the club."
Members of the alliance said they would not gather after the match as they wanted to avoid any trouble flaring if the team lost.