Movado Group (NYSE:MOV) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Movado Group Inc. (NYSE:MOV) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $34.97, but opened at $36.48. Movado Group shares last traded at $36.6240, with a volume of 48,425 shares.

The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.19. The firm had revenue of $169.75 million for the quarter, compared to the consensus estimate of $164.20 million. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.

Analysts Set New Price Targets

MOV has been the topic of several recent research reports. Northland Securities set a $35.00 price objective on shares of Movado Group in a research report on Wednesday, May 27th. Zacks Research upgraded shares of Movado Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. BWS Financial reaffirmed a “buy” rating and issued a $45.00 price target on shares of Movado Group in a report on Monday, July 27th. Finally, Weiss Ratings lowered shares of Movado Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $40.00.

Institutional Investors Weigh In On Movado Group

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Movado Group during the second quarter worth about $52,824,000. Vanguard Group Inc. grew its holdings in shares of Movado Group by 5.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,029,220 shares of the company’s stock worth $19,524,000 after purchasing an additional 57,353 shares during the period. Goldman Sachs Group Inc. increased its position in Movado Group by 3.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 888,244 shares of the company’s stock worth $18,316,000 after purchasing an additional 29,137 shares in the last quarter. Brandes Investment Partners LP increased its position in Movado Group by 5.6% during the 4th quarter. Brandes Investment Partners LP now owns 704,036 shares of the company’s stock worth $14,517,000 after purchasing an additional 37,587 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Movado Group by 14.4% in the second quarter. Ameriprise Financial Inc. now owns 636,862 shares of the company’s stock valued at $9,712,000 after buying an additional 80,109 shares during the period. Hedge funds and other institutional investors own 72.08% of the company’s stock.

Movado Group Price Performance

The stock has a market capitalization of $793.14 million, a price-to-earnings ratio of 25.66 and a beta of 0.97. The business’s 50-day simple moving average is $37.55 and its two-hundred day simple moving average is $31.06.

Movado Group Company Profile

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company’s portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group’s product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.