Pattern Group (NASDAQ:PTRN) Trading 10.5% Higher – Here’s Why

Pattern Group Inc. (NASDAQ:PTRN)’s share price traded up 10.5% during mid-day trading on Monday . The stock traded as high as $12.88 and last traded at $12.71. 491,791 shares traded hands during trading, an increase of 17% from the average session volume of 421,107 shares. The stock had previously closed at $11.50.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PTRN. Zacks Research upgraded shares of Pattern Group to a “hold” rating in a research note on Wednesday, October 15th. William Blair assumed coverage on shares of Pattern Group in a research report on Tuesday, October 14th. They set an “outperform” rating for the company. Jefferies Financial Group set a $20.00 target price on Pattern Group in a research report on Thursday, December 11th. Needham & Company LLC lifted their price target on Pattern Group from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Finally, Evercore ISI set a $23.00 price objective on Pattern Group and gave the company an “outperform” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Pattern Group Stock Up 5.7%

The company has a market cap of $2.16 billion and a price-to-earnings ratio of -6.37. The company’s 50 day moving average is $14.25.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($2.19) EPS for the quarter, topping analysts’ consensus estimates of ($2.71) by $0.52. The company had revenue of $639.66 million for the quarter, compared to the consensus estimate of $570.78 million.

Institutional Investors Weigh In On Pattern Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Ameriprise Financial Inc. bought a new stake in Pattern Group during the third quarter worth $13,685,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Pattern Group during the 3rd quarter worth $14,680,000. Freestone Grove Partners LP bought a new stake in shares of Pattern Group during the 3rd quarter worth $3,051,000. Burkehill Global Management LP bought a new stake in shares of Pattern Group during the 3rd quarter worth $3,425,000. Finally, Longaeva Partners L.P. acquired a new stake in Pattern Group in the third quarter valued at about $2,009,000.

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.