Pattern Group (NASDAQ:PTRN) Shares Gap Down – Time to Sell?
by Danessa Lincoln · The Markets DailyPattern Group Inc. (NASDAQ:PTRN – Get Free Report)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $20.96, but opened at $18.84. Pattern Group shares last traded at $18.1680, with a volume of 580,337 shares traded.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on PTRN shares. Stifel Nicolaus decreased their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, March 6th. Wall Street Zen upgraded Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Needham & Company LLC upped their price target on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Robert W. Baird decreased 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. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Pattern Group has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.
Pattern Group Stock Performance
The company has a market cap of $2.91 billion and a P/E ratio of -10.02. The firm has a 50 day moving average price of $16.08 and a two-hundred day moving average price of $13.73.
Pattern Group (NASDAQ:PTRN – Get Free Report) 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 firm had revenue of $773.73 million for the quarter, compared to the consensus estimate of $715.90 million. The firm’s revenue was up 43.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS. On average, sell-side analysts predict that Pattern Group Inc. will post 0.56 EPS for the current fiscal year.
Pattern Group announced that its Board of Directors has initiated a share repurchase program on Thursday, March 5th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
Insider Transactions at Pattern Group
In related news, Director Ann Mather sold 5,301 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $16.51, for a total transaction of $87,519.51. Following the sale, the director owned 31,509 shares of the company’s stock, valued at approximately $520,213.59. This represents a 14.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 70.97% of the company’s stock.
Institutional Trading of Pattern Group
Several institutional investors and hedge funds have recently modified their holdings of PTRN. Knox Lane LP purchased a new stake in shares of Pattern Group in the 4th quarter valued at about $325,157,000. Norges Bank purchased a new stake in shares of Pattern Group in the 4th quarter valued at about $25,965,000. Wasatch Advisors LP bought a new position in shares of Pattern Group during the 4th quarter valued at about $23,144,000. Capital World Investors bought a new position in shares of Pattern Group during the 3rd quarter valued at about $23,975,000. Finally, Vanguard Group Inc. bought a new position in shares of Pattern Group during the 3rd quarter valued at about $20,640,000.
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.