Pattern Group (NASDAQ:PTRN) Shares Up 9.9% – What’s Next?
by Kim Johansen · The Markets DailyPattern Group Inc. (NASDAQ:PTRN – Get Free Report) shot up 9.9% on Wednesday . The company traded as high as $12.80 and last traded at $12.85. 391,514 shares were traded during trading, a decline of 64% from the average session volume of 1,091,936 shares. The stock had previously closed at $11.69.
Wall Street Analyst Weigh In
A number of analysts recently commented on PTRN shares. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research report on Monday. JPMorgan Chase & Co. decreased their target price on Pattern Group from $21.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, March 6th. Robert W. Baird lowered their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, March 6th. Stifel Nicolaus dropped their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, March 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $22.00 price objective on shares of Pattern Group in a report on Thursday, January 15th. Ten investment 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.22.
View Our Latest Research Report on PTRN
Pattern Group Stock Down 7.0%
The company has a market cap of $1.80 billion and a price-to-earnings ratio of -5.72. The company has a fifty day simple moving average of $12.09.
Pattern Group (NASDAQ:PTRN – Get Free Report) last announced its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. The company had revenue of $723.10 million during the quarter, compared to analyst estimates of $691.35 million. The firm’s revenue was up 40.3% on a year-over-year basis.
Pattern Group declared that its board has authorized a stock repurchase program on Thursday, March 5th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Institutional Investors Weigh In On Pattern Group
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new stake in Pattern Group in the 3rd quarter valued at approximately $168,000. Steadview Capital Management LLC bought a new position in shares of Pattern Group during the 3rd quarter worth approximately $5,480,000. Teacher Retirement System of Texas acquired a new stake in shares of Pattern Group in the third quarter valued at approximately $2,740,000. Copia Wealth Management bought a new stake in shares of Pattern Group in the third quarter worth $294,000. Finally, Federated Hermes Inc. bought a new stake in shares of Pattern Group in the third quarter worth $247,000.
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.