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

by · The Markets Daily

Pattern Group Inc. (NASDAQ:PTRN – Get Free Report) has received an average rating of “Moderate Buy” from the twelve ratings firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $20.2222.

Several research analysts recently weighed in on PTRN shares. Robert W. Baird reduced their price target on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. Jefferies Financial Group set a $20.00 price objective on Pattern Group in a report on Thursday, December 11th. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research note on Wednesday, December 24th. JPMorgan Chase & Co. reduced their target price on Pattern Group from $21.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, March 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $22.00 target price on shares of Pattern Group in a research report on Thursday, January 15th.

Read Our Latest Analysis on PTRN

Pattern Group Stock Performance

Shares of NASDAQ PTRN opened at $11.94 on Friday. The business has a fifty day moving average of $12.43. The stock has a market cap of $1.85 billion and a price-to-earnings ratio of -5.88. Pattern Group has a one year low of $8.92 and a one year high of $20.10.

Pattern Group (NASDAQ:PTRN – Get Free Report) last posted its quarterly earnings data on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.04. The company had revenue of $723.10 million for the quarter, compared to analysts’ expectations of $691.35 million. The firm’s revenue for the quarter was up 40.3% compared to the same quarter last year.

Pattern Group announced that its Board of Directors has approved a stock buyback program on Thursday, March 5th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 5.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTRN. Knox Lane LP purchased a new stake in shares of Pattern Group during the fourth quarter worth $325,157,000. Norges Bank acquired a new stake in shares of Pattern Group in the fourth quarter valued at about $25,965,000. Loomis Sayles & Co. L P lifted its stake in shares of Pattern Group by 28.7% in the fourth quarter. Loomis Sayles & Co. L P now owns 2,135,163 shares of the company’s stock worth $24,640,000 after buying an additional 476,122 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Pattern Group by 8.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,077,956 shares of the company’s stock worth $23,896,000 after acquiring an additional 169,297 shares during the last quarter. Finally, Wasatch Advisors LP purchased a new stake in Pattern Group during the 4th quarter valued at about $23,144,000.

Pattern Group Company Profile

(Get Free Report)

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.

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