Pattern Group (NASDAQ:PTRN) Stock Breaks Above 200-Day Moving Average – What’s Next?

Pattern Group Inc. (NASDAQ:PTRN)’s share price passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $17.56 and traded as high as $17.98. Pattern Group shares last traded at $17.68, with a volume of 1,643,520 shares.

Key Stories Impacting Pattern Group

Here are the key news stories impacting Pattern Group this week:

• Positive Sentiment: Pattern earned $0.18 per share, beating the $0.16 consensus and improving from a loss of $2.19 a year earlier. Revenue rose 38.5% year over year to $885.85 million, and the company described the quarter as a record. Zacks Q3 results
• Positive Sentiment: Management forecast fourth-quarter revenue of $965 million to $985 million and raised its full-year outlook to about $3.5 billion. The guidance points to continued revenue growth and may support investor expectations. Q4 forecast and raised outlook
• Negative Sentiment: KeyCorp lowered its expectations for PTRN’s stock price, a potentially bearish analyst signal. The article listing does not provide the revised target or rationale. KeyCorp outlook

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PTRN shares. Weiss Ratings raised shares of Pattern Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Evercore reiterated an “outperform” rating and set a $29.00 target price on shares of Pattern Group in a research note on Thursday, August 6th. Needham & Company LLC lifted their price objective on Pattern Group from $24.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. BMO Capital Markets reissued an “outperform” rating and issued a $28.00 target price on shares of Pattern Group in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $31.00 price objective on shares of Pattern Group in a research note on Thursday, August 6th. Eight 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 stock. Based on data from MarketBeat.com, Pattern Group has an average rating of “Moderate Buy” and an average price target of $26.44.

Pattern Group Price Performance

The company has a 50-day moving average of $18.40 and a two-hundred day moving average of $17.56. The company has a market capitalization of $2.75 billion, a PE ratio of -10.28 and a beta of 1.29.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Pattern Group had a negative return on equity of 318.79% and a negative net margin of 4.57%. The business had revenue of $885.85 million during the quarter. During the same quarter in the previous year, the company earned ($2.19) EPS. The business’s quarterly revenue was up 38.5% compared to the same quarter last year. As a group, research analysts anticipate that Pattern Group Inc. will post 0.63 EPS for the current year.

Hedge Funds Weigh In On Pattern Group

Several large investors have recently added to or reduced their stakes in the company. Wasatch Advisors LP lifted its stake in shares of Pattern Group by 28.4% during the 2nd 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. Weiss Asset Management LP purchased a new position in shares of Pattern Group in the 1st quarter worth $3,212,000. Readystate Asset Management LP grew its stake in shares of Pattern Group by 363.9% in the 2nd quarter. Readystate Asset Management LP now owns 212,964 shares of the company’s stock worth $5,365,000 after buying an additional 167,053 shares in the last quarter. Sylebra Capital LLC bought a new position in shares of Pattern Group in the 1st quarter valued at about $1,971,000. Finally, ProShare Advisors LLC purchased a new position in Pattern Group in the third quarter worth about $1,785,000.

About Pattern Group

Pattern Group Inc (NASDAQ: PTRN) is an e-commerce technology and services company that helps brands grow and manage their online businesses. Its platform combines software, data, and operational services to support product distribution and sales across major digital marketplaces, retailer websites, and other e-commerce channels.

The company’s services include marketplace management, digital advertising, product content and catalog optimization, pricing and assortment strategy, fulfillment coordination, and analytics.