Movado Group (NYSE:MOV) Shares Gap Up – Still a Buy?

Movado Group Inc. (NYSE:MOV)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $23.05, but opened at $24.70. Movado Group shares last traded at $23.1310, with a volume of 31,057 shares.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Movado Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. BWS Financial reiterated a “buy” rating and set a $31.50 price objective on shares of Movado Group in a research note on Monday, February 2nd. Northland Securities assumed coverage on shares of Movado Group in a research report on Wednesday, January 7th. They set an “outperform” rating and a $30.00 target price for the company. Zacks Research upgraded shares of Movado Group from a “strong sell” rating to a “hold” rating in a research note on Monday, January 26th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Movado Group in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Movado Group presently has an average rating of “Moderate Buy” and an average price target of $30.75.

Movado Group Price Performance

The stock has a market cap of $527.06 million, a price-to-earnings ratio of 24.78 and a beta of 0.93. The company’s fifty day moving average price is $23.75 and its 200-day moving average price is $21.03.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Teton Advisors LLC purchased a new stake in shares of Movado Group during the third quarter valued at $1,178,000. Brandes Investment Partners LP purchased a new position in Movado Group in the 2nd quarter worth $5,540,000. Laurel Wealth Advisors LLC lifted its position in Movado Group by 1,425.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 31,095 shares of the company’s stock worth $474,000 after acquiring an additional 29,056 shares during the period. Russell Investments Group Ltd. lifted its position in Movado Group by 426.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 176,015 shares of the company’s stock worth $2,684,000 after acquiring an additional 142,601 shares during the period. Finally, Fisher Asset Management LLC grew its stake in Movado Group by 86.9% during the 2nd quarter. Fisher Asset Management LLC now owns 59,013 shares of the company’s stock valued at $900,000 after purchasing an additional 27,431 shares during the last quarter. Institutional investors and hedge funds own 72.08% of the company’s stock.

About Movado Group

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.