Pattern Group Inc. (NASDAQ:PTRN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Pattern Group Inc. (NASDAQ:PTRN) has earned an average rating of “Moderate Buy” from the twelve brokerages that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $20.6667.

PTRN has been the topic of a number of research analyst reports. Needham & Company LLC lifted their price target on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Robert W. Baird decreased their price target on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Wall Street Zen upgraded shares of Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, May 7th.

Insider Buying and Selling at Pattern Group

In related news, Director Ann Mather sold 5,301 shares of Pattern Group stock in a transaction on Friday, May 15th. The shares were sold at an average price of $16.51, for a total transaction of $87,519.51. Following the transaction, the director owned 31,509 shares in the company, valued at approximately $520,213.59. The trade was a 14.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 70.97% of the company’s stock.

Hedge Funds Weigh In On Pattern Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sylebra Capital LLC purchased a new stake in Pattern Group during the 1st quarter worth $1,971,000. Weiss Asset Management LP purchased a new stake in Pattern Group during the 1st quarter worth $3,212,000. Public Employees Retirement System of Ohio increased its stake in Pattern Group by 44.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 118,097 shares of the company’s stock worth $1,468,000 after buying an additional 36,539 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Pattern Group during the 1st quarter worth $561,000. Finally, Sei Investments Co. increased its stake in Pattern Group by 43.7% during the 1st quarter. Sei Investments Co. now owns 102,721 shares of the company’s stock worth $1,277,000 after buying an additional 31,223 shares during the period.

Pattern Group Price Performance

Shares of PTRN opened at $21.36 on Friday. The firm has a market cap of $3.31 billion and a PE ratio of -11.42. The company’s fifty day moving average is $16.88 and its two-hundred day moving average is $13.94. Pattern Group has a fifty-two week low of $8.92 and a fifty-two week high of $21.92.

Pattern Group (NASDAQ:PTRN) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The company had revenue of $773.73 million during the quarter, compared to analyst estimates of $715.90 million. The firm’s revenue for the quarter was up 43.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.17 EPS. As a group, equities research analysts anticipate that Pattern Group will post 0.56 earnings per share for the current year.

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

About Pattern Group

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.