Fossil Group (NASDAQ:FOSL) Shares Gap Down After Analyst Downgrade

Shares of Fossil Group Inc (NASDAQ:FOSL) gapped down before the market opened on Friday after Wells Fargo & Co lowered their price target on the stock from $8.00 to $6.00. The stock had previously closed at $10.27, but opened at $9.91. Wells Fargo & Co currently has an underperform rating on the stock. Fossil Group shares last traded at $9.77, with a volume of 52,302 shares.

Several other equities research analysts have also issued reports on the stock. BidaskClub upgraded shares of Fossil Group from a “hold” rating to a “buy” rating in a research note on Friday. Telsey Advisory Group restated a “market perform” rating and set a $12.00 price target (down previously from $15.00) on shares of Fossil Group in a research note on Monday, August 5th. Zacks Investment Research upgraded shares of Fossil Group from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Wednesday, October 23rd. TheStreet upgraded shares of Fossil Group from a “d+” rating to a “c-” rating in a research note on Friday, September 20th. Finally, ValuEngine lowered shares of Fossil Group from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $10.33.

In related news, insider Darren E. Hart purchased 20,000 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was bought at an average price of $10.03 per share, for a total transaction of $200,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Gregory A. Mckelvey acquired 33,600 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average cost of $10.22 per share, with a total value of $343,392.00. Following the completion of the acquisition, the executive vice president now owns 432,093 shares in the company, valued at approximately $4,415,990.46. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 153,600 shares of company stock valued at $1,529,992. 8.00% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. bought a new position in Fossil Group in the 1st quarter worth approximately $26,000. US Bancorp DE boosted its holdings in Fossil Group by 523.7% in the 2nd quarter. US Bancorp DE now owns 2,551 shares of the accessories brand company’s stock worth $29,000 after buying an additional 2,142 shares during the period. Point72 Hong Kong Ltd bought a new position in Fossil Group in the 2nd quarter worth approximately $30,000. Bank of Montreal Can bought a new position in Fossil Group in the 2nd quarter worth approximately $45,000. Finally, Flinton Capital Management LLC boosted its holdings in Fossil Group by 22.8% in the 2nd quarter. Flinton Capital Management LLC now owns 6,032 shares of the accessories brand company’s stock worth $69,000 after buying an additional 1,120 shares during the period.

The company’s fifty day moving average is $11.50 and its 200 day moving average is $11.52. The company has a market capitalization of $652.60 million, a P/E ratio of 12.45 and a beta of 0.40. The company has a current ratio of 1.92, a quick ratio of 1.05 and a debt-to-equity ratio of 0.87.

Fossil Group (NASDAQ:FOSL) last announced its quarterly earnings results on Wednesday, August 7th. The accessories brand company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. Fossil Group had a net margin of 1.40% and a return on equity of 6.94%. The firm had revenue of $501.40 million during the quarter, compared to the consensus estimate of $499.05 million. During the same period last year, the firm earned ($0.16) EPS. The business’s quarterly revenue was down 13.0% compared to the same quarter last year. Equities research analysts predict that Fossil Group Inc will post 1.49 EPS for the current year.

Fossil Group Company Profile (NASDAQ:FOSL)

Fossil Group, Inc designs, develops, markets, and distributes consumer fashion accessories in the United States, Europe, Asia, and internationally. Its principal products include men's and women's fashion watches and jewelry, smartwatches, handbags, small leather goods, belts, and sunglasses.

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