The stock of Fossil Group, Inc. (NASDAQ:FOSL) is now priced at $3.43 and the shares are -0.19 points down or -5.25% lower compared to its previous closing price of $3.62. The stock had 1.492 million contracts set over the past session. FOSL shares’ daily volume is compared to its average trading volume at 1.844 million shares. However, it has a float of 46.31 million and although its performance was -13.6% over the week, it’s one to watch. Analysts have given the FOSL stock a yearly average price target of $2.5 per share. It means the stock’s downside potential is -27.11% with the FOSL share price recently placing at $3.425 to $3.63. However, some brokerage firms have priced the stock below the average, including one that has called $2.5.
The shorts are running away from the Fossil Group, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the FOSL shares have declined. Short interest in the stock represents just 27.65% of its float, but the volume has dropped by -338341. The volume of shorted shares dropped to 12.802 million from 13.14 million shares over the last two weeks. The average intraday trading volume has been 1.167 million shares, which means that days to cover moved to roughly 10.96816.
In the last trading session, Fossil Group, Inc. (NASDAQ:FOSL) dropped by -$0.54 over the week and lost -$0.9 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $14.11. The stock recorded its established 52-week high on 09/11/19.
Since 05/20/20, the stock has traded to a low of $2.69 at 27.51%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.96. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Fossil Group, Inc.’s two-week RSI is 42.16. This suggests that the stock is neutral at the moment and that FOSL shares’ price movement remains stable. The stochastic readings are equally revealing at 6.06% meaning the FOSL share price is currently in overbought territory.
The technical chart shows that the FOSL stock will likely settle at between $3.57 and $3.7 per share. However, if the stock dips below $3.36, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.28.
Currently, the stock is trading in the red of MACD, with a reading of -0.24. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Telsey Advisory Group though dropped target price of FOSL stock from $7 to $5 but maintained Market Perform recommendation in their February 27 review. KeyBanc Capital Markets analysts downgraded their recommendation of the stock from Overweight to Sector Weight in a flash note released to investors on November 07. Telsey Advisory Group analysts see the stock as Market Perform. Nonetheless, the analysts revised the share prices down on August 05, placing it at $12 from $15.
The average rating for the FOSL equity is 4 and is currently gathering a bearish momentum. Of 1 analysts tracking Fossil Group, Inc. polled by Reuters, 0 rated FOSL as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Fossil Group, Inc. (NASDAQ:FOSL) will decrease by about -99.95%, which will see them reach $182.1 million. The company’s full-year revenues are, however, expected to diminish by about -36.04%, down from $2220 million to $1420 million. FOSL’s expected adjusted earnings should surge almost 4175% to end up at -$1.71 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 469.09% to record -$3.13/share.