Pattern Group Inc.’s (NASDAQ:PTRN) Lock-Up Period To Expire Tomorrow

Pattern Group’s (NASDAQ:PTRN) lock-up period will expire on Wednesday, March 18th. Pattern Group had issued 21,428,572 shares in its initial public offering on September 19th. The total size of the offering was $300,000,008 based on an initial share price of $14.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.

Wall Street Analysts Forecast Growth

PTRN has been the subject of several analyst reports. Robert W. Baird lowered their price objective on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, March 6th. JPMorgan Chase & Co. decreased their price target on Pattern Group from $21.00 to $17.00 and set an “overweight” rating on the stock in a report on Friday, March 6th. Jefferies Financial Group set a $20.00 price target on Pattern Group in a research report on Thursday, December 11th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Pattern Group in a research note on Wednesday, December 24th. Finally, Stifel Nicolaus cut their price objective on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research 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’s stock. Based on data from MarketBeat.com, Pattern Group currently has a consensus rating of “Moderate Buy” and an average target price of $20.22.

Pattern Group Price Performance

Shares of PTRN stock opened at $11.65 on Tuesday. The business’s 50 day simple moving average is $12.40. Pattern Group has a 52-week low of $8.92 and a 52-week high of $20.10. The company has a market cap of $1.81 billion and a price-to-earnings ratio of -5.74.

Pattern Group (NASDAQ:PTRN) last announced its quarterly earnings data on Thursday, March 5th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.12 by $0.04. The business had revenue of $723.10 million during the quarter, compared to the consensus estimate of $691.35 million. The firm’s revenue was up 40.3% on a year-over-year basis.

Pattern Group announced that its board has authorized a stock repurchase program on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 5.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Knox Lane LP bought a new stake in Pattern Group during the 4th quarter valued at about $325,157,000. Norges Bank bought a new position in Pattern Group in the 4th quarter worth about $25,965,000. Wasatch Advisors LP purchased a new position in shares of Pattern Group during the fourth quarter worth approximately $23,144,000. Capital World Investors purchased a new position in shares of Pattern Group during the third quarter worth approximately $23,975,000. Finally, Vanguard Group Inc. bought a new stake in shares of Pattern Group during the third quarter valued at approximately $20,640,000.

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.