Fossil Group (NASDAQ:FOSL) Announces Earnings Results, Beats Estimates By $0.11 EPS

Key Points

• Fossil Group reported an earnings per share (EPS) of ($0.10), exceeding analysts' expectations by $0.11, with revenues reaching $220.40 million, surpassing the forecast of $198.04 million.
• The company's stock price increased by 29.8% to $2.35, with a significant trading volume of 4,443,890 shares.
• Several research firms have upgraded Fossil Group's rating to "buy", indicating positive growth forecasts moving forward.

Fossil Group (NASDAQ:FOSL - Get Free Report) released its quarterly earnings data on Wednesday. The accessories brand company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.11, Zacks reports. The business had revenue of $220.40 million for the quarter, compared to analyst estimates of $198.04 million. Fossil Group had a negative return on equity of 12.07% and a negative net margin of 5.49%.

Fossil Group Stock Up 2.3%

Shares of FOSL traded up $0.07 during trading on Tuesday, reaching $3.16. The company's stock had a trading volume of 1,100,495 shares, compared to its average volume of 997,429. The company has a fifty day moving average of $1.70 and a two-hundred day moving average of $1.46. Fossil Group has a twelve month low of $0.86 and a twelve month high of $3.58. The company has a market cap of $169.94 million, a price-to-earnings ratio of -2.85 and a beta of 2.53. The company has a quick ratio of 1.17, a current ratio of 1.83 and a debt-to-equity ratio of 1.24.

Hedge Funds Weigh In On Fossil Group

Institutional investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC grew its stake in shares of Fossil Group by 2.5% in the second quarter. Bridgeway Capital Management LLC now owns 425,182 shares of the accessories brand company's stock worth $629,000 after purchasing an additional 10,249 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Fossil Group by 0.5% in the second quarter. Ameriprise Financial Inc. now owns 2,461,746 shares of the accessories brand company's stock valued at $3,643,000 after buying an additional 13,091 shares during the period. Jane Street Group LLC lifted its holdings in shares of Fossil Group by 93.1% in the first quarter. Jane Street Group LLC now owns 42,584 shares of the accessories brand company's stock valued at $49,000 after buying an additional 20,530 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Fossil Group by 43.6% in the first quarter. Goldman Sachs Group Inc. now owns 144,375 shares of the accessories brand company's stock valued at $166,000 after buying an additional 43,849 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Fossil Group in the second quarter valued at $122,000. 61.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FOSL has been the topic of several research analyst reports. Maxim Group began coverage on Fossil Group in a research note on Tuesday, July 1st. They issued a "buy" rating and a $5.00 price objective on the stock. Wall Street Zen raised Fossil Group from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $5.00.

Fossil Group Company Profile

Fossil Group, Inc, together with its subsidiaries, designs, develops, markets, and distributes consumer fashion accessories in the United States, Europe, Asia, and internationally. The company's products include traditional watches, smartwatches, jewelry, handbags, small leather goods, belts, and sunglasses.