Pattern Group (NASDAQ:PTRN) Sets New 1-Year High – Here’s What Happened

Pattern Group Inc. (NASDAQ:PTRN)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $25.05 and last traded at $24.45, with a volume of 4075473 shares changing hands. The stock had previously closed at $22.90.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Stifel Nicolaus dropped their price objective on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, March 6th. Needham & Company LLC boosted their target price on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen raised Pattern Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a report on Thursday, June 18th. Finally, JPMorgan Chase & Co. increased their price objective on Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.78.

Pattern Group Price Performance

The firm has a 50-day moving average of $17.97 and a 200 day moving average of $14.29. The stock has a market capitalization of $3.79 billion and a price-to-earnings ratio of -13.07.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.06. The company had revenue of $773.73 million for the quarter, compared to analyst estimates of $715.90 million. During the same period last year, the firm earned $0.17 EPS. The firm’s revenue for the quarter was up 43.2% compared to the same quarter last year. On average, equities analysts forecast that Pattern Group Inc. will post 0.56 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, Director Ann Mather sold 5,301 shares of the business’s 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 directly owned 31,509 shares in the company, valued at approximately $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 70.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Sylebra Capital LLC acquired a new position in shares of Pattern Group during the 1st quarter worth about $1,971,000. Weiss Asset Management LP bought a new stake in shares of Pattern Group in the 1st quarter valued at about $3,212,000. Public Employees Retirement System of Ohio lifted its stake in Pattern Group by 44.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 118,097 shares of the company’s stock valued at $1,468,000 after purchasing an additional 36,539 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Pattern Group during the first quarter worth about $561,000. Finally, Sei Investments Co. grew its holdings in Pattern Group by 43.7% during the first quarter. Sei Investments Co. now owns 102,721 shares of the company’s stock worth $1,277,000 after purchasing an additional 31,223 shares during the period.

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.