Pattern Group (NASDAQ:PTRN) Trading Down 5.9% – Here’s Why

Pattern Group Inc. (NASDAQ:PTRN)’s stock price fell 5.9% during trading on Tuesday . The company traded as low as $26.40 and last traded at $26.3650. 333,944 shares changed hands during trading, a decline of 76% from the average daily volume of 1,395,677 shares. The stock had previously closed at $28.01.

Wall Street Analyst Weigh In

A number of analysts have issued reports on PTRN shares. Needham & Company LLC boosted their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. raised their target price on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. The Goldman Sachs Group reiterated a “buy” rating and issued a $27.00 price target on shares of Pattern Group in a research report on Monday, June 29th. Wall Street Zen raised Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Jefferies Financial Group cut Pattern Group from a “buy” rating to a “hold” rating and raised their price target for the stock from $21.00 to $30.00 in a research report on Tuesday, July 14th. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.89.

Pattern Group Price Performance

The firm has a market capitalization of $4.13 billion and a price-to-earnings ratio of -14.25. The firm’s 50-day simple moving average is $22.09 and its 200 day simple moving average is $15.97.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.06. The business had revenue of $773.73 million during the quarter, compared to the consensus estimate of $715.90 million. During the same quarter in the previous year, the business posted $0.17 EPS. The company’s revenue for the quarter was up 43.2% on a year-over-year basis. As a group, research analysts predict that Pattern Group Inc. will post 0.56 earnings per share for the current year.

Insider Buying and Selling

In other Pattern Group news, Director Ann Mather sold 5,301 shares of the business’s 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 completion of the transaction, the director owned 31,509 shares of the company’s stock, valued at approximately $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 70.97% of the company’s stock.

Hedge Funds Weigh In On Pattern Group

Institutional investors have recently added to or reduced their stakes in the stock. Wasatch Advisors LP boosted its position in Pattern Group by 28.4% in the second quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company’s stock valued at $78,974,000 after buying an additional 692,735 shares in the last quarter. Sylebra Capital LLC acquired a new position in shares of Pattern Group during the first quarter worth $1,971,000. Weiss Asset Management LP bought a new position in shares of Pattern Group in the 1st quarter valued at $3,212,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Pattern Group by 44.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 118,097 shares of the company’s stock valued at $1,468,000 after acquiring an additional 36,539 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Pattern Group during the 1st quarter worth $561,000.

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.