Pattern Group (NASDAQ:PTRN) Sets New 12-Month High – Should You Buy?
by Tristan Rich · The Markets DailyPattern Group Inc. (NASDAQ:PTRN – Get Free Report)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $22.19 and last traded at $22.0760, with a volume of 530034 shares traded. The stock had previously closed at $21.49.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a research note 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. Stifel Nicolaus cut their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, March 6th. Robert W. Baird reduced their price objective on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. Finally, Needham & Company LLC increased their price objective on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.
Read Our Latest Stock Report on PTRN
Pattern Group Price Performance
The stock’s 50-day moving average price is $17.22 and its 200 day moving average price is $14.02. The firm has a market cap of $3.42 billion and a P/E ratio of -11.79.
Pattern Group (NASDAQ:PTRN – Get Free Report) last released its 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 business had revenue of $773.73 million during the quarter, compared to the consensus estimate of $715.90 million. During the same period last year, the business posted $0.17 EPS. The firm’s revenue for the quarter was up 43.2% on a year-over-year basis. As a group, analysts forecast that Pattern Group Inc. will post 0.56 EPS for the current fiscal year.
Pattern Group declared that its board has approved a share buyback program on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 5.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
Insider Buying and Selling at Pattern Group
In related news, Director Ann Mather sold 5,301 shares of Pattern Group stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $16.51, for a total value of $87,519.51. Following the sale, the director owned 31,509 shares of the company’s stock, valued at approximately $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 70.97% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of PTRN. Sylebra Capital LLC acquired a new position in shares of Pattern Group during the 1st quarter worth approximately $1,971,000. Weiss Asset Management LP bought a new stake in shares of Pattern Group during the 1st quarter worth approximately $3,212,000. Public Employees Retirement System of Ohio boosted its holdings in shares of 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 buying an additional 36,539 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Pattern Group in the 1st quarter valued at approximately $561,000. Finally, Sei Investments Co. grew its stake in shares of Pattern Group by 43.7% in the first quarter. Sei Investments Co. now owns 102,721 shares of the company’s stock valued at $1,277,000 after buying an additional 31,223 shares in the last quarter.
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.