Movado Group (NYSE:MOV) Upgraded to "Strong-Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Movado Group from “buy” to “strong-buy.” Other analysts are mixed, leaving the stock with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $40.
• Movado reported quarterly EPS of $0.54, beating the $0.35 consensus estimate, while revenue of $169.75 million topped forecasts of $164.20 million.
• Institutional investors own 72.08% of Movado shares; the stock opened at $31.08 and has traded between $17.74 and $40.50 over the past 52 weeks.

Movado Group (NYSE:MOV - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities analysts have also commented on MOV. BWS Financial reaffirmed a "buy" rating and set a $45.00 target price on shares of Movado Group in a report on Tuesday, September 1st. Zacks Research cut Movado Group from a "strong-buy" rating to a "hold" rating in a report on Monday, November 2nd. Finally, Weiss Ratings downgraded Movado Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $40.00.

Movado Group Stock Performance

MOV stock opened at $31.08 on Friday. The company has a market capitalization of $693.39 million, a price-to-earnings ratio of 17.27 and a beta of 0.90. Movado Group has a fifty-two week low of $17.74 and a fifty-two week high of $40.50. The business's 50 day moving average price is $32.72 and its two-hundred day moving average price is $31.08.

Movado Group (NYSE:MOV - Get Free Report) last announced its earnings results on Wednesday, August 26th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.19. Movado Group had a return on equity of 8.49% and a net margin of 6.00%. The firm had revenue of $169.75 million for the quarter, compared to analyst estimates of $164.20 million. Sell-side analysts forecast that Movado Group will post 1.94 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP acquired a new stake in shares of Movado Group in the second quarter valued at $27,000. State of Alaska Department of Revenue bought a new stake in shares of Movado Group in the 3rd quarter valued at approximately $27,000. Fifth Third Bancorp raised its position in Movado Group by 16,040.0% during the 1st quarter. Fifth Third Bancorp now owns 1,614 shares of the company's stock worth $39,000 after buying an additional 1,604 shares during the last quarter. Laurel Wealth Advisors LLC purchased a new position in Movado Group during the 3rd quarter valued at about $68,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Movado Group in the 2nd quarter valued at about $98,000. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

About Movado Group

Movado Group, Inc is a designer, manufacturer, and distributor of watches and related accessories. The company's portfolio includes its Movado brand, known for minimalist designs and the Museum dial, as well as a range of licensed and owned brands that have included Ebel, Concord, MVMT, Olivia Burton, and fashion-label watch collections.

Movado Group sells watches, jewelry, and accessories through department and specialty stores, authorized retailers, company-operated stores, e-commerce platforms, and other distribution channels.

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