Pattern Group (NASDAQ:PTRN) Trading Down 8.1% on Analyst Downgrade

Pattern Group Inc. (NASDAQ:PTRN)’s share price was down 8.1% on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $21.00 to $17.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Pattern Group traded as low as $9.21 and last traded at $9.92. Approximately 681,666 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 1,083,632 shares. The stock had previously closed at $10.80.

Several other research analysts have also weighed in on PTRN. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Pattern Group in a research report on Thursday, January 15th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research report on Wednesday, December 24th. Robert W. Baird decreased their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, March 6th. Evercore set a $23.00 price target on Pattern Group and gave the stock an “outperform” rating in a report on Thursday, November 6th. Finally, Stifel Nicolaus cut their price objective on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.22.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Clearstead Advisors LLC boosted its position in shares of Pattern Group by 222.0% during the fourth quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock worth $27,000 after buying an additional 1,636 shares during the period. Barclays PLC raised its holdings in shares of Pattern Group by 25.2% in the 4th quarter. Barclays PLC now owns 16,652 shares of the company’s stock valued at $192,000 after buying an additional 3,352 shares during the period. Federation des caisses Desjardins du Quebec purchased a new stake in shares of Pattern Group in the 4th quarter valued at $58,000. PNC Financial Services Group Inc. acquired a new position in Pattern Group during the 3rd quarter worth about $89,000. Finally, FNY Investment Advisers LLC purchased a new position in Pattern Group during the 3rd quarter valued at about $137,000.

Pattern Group Price Performance

The stock has a market cap of $1.72 billion and a P/E ratio of -5.07. The stock’s fifty day moving average price is $12.40.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings results on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. The business had revenue of $723.10 million for the quarter, compared to analysts’ expectations of $691.35 million. The company’s revenue was up 40.3% compared to the same quarter last year.

Pattern Group declared that its Board of Directors has authorized a share repurchase plan on Thursday, March 5th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 5.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Pattern Group Company Profile

At Pattern, we are on a mission to help brands accelerate profitable growth on global ecommerce marketplaces. Today, our proprietary technology and on-demand experts operate across more than 60 marketplaces to increase product sales to consumers in more than 100 countries. Utilizing more than 46 trillion data points and sophisticated machine learning and artificial intelligence (“AI”) models, we strive to optimize and automate key levers of ecommerce growth, including advertising, content creation and management, pricing, forecasting and customer service.