Needham & Company LLC Forecasts Strong Price Appreciation for Pattern Group (NASDAQ:PTRN) Stock

Pattern Group (NASDAQ:PTRN) had its price target boosted by equities researchers at Needham & Company LLC from $29.00 to $32.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC‘s price objective points to a potential upside of 75.15% from the stock’s current price.

Several other analysts have also commented on PTRN. KeyCorp cut their target price on shares of Pattern Group from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Monday, November 2nd. BMO Capital Markets restated an “outperform” rating and issued a $28.00 price target on shares of Pattern Group in a research report on Thursday, August 6th. Jefferies Financial Group cut Pattern Group from a “buy” rating to a “hold” rating and upped their price target for the company from $21.00 to $30.00 in a report on Tuesday, July 14th. Robert W. Baird set a $26.00 price objective on Pattern Group in a research report on Thursday, August 6th. Finally, Weiss Ratings raised Pattern Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.89.

Pattern Group Stock Up 5.9%

Pattern Group stock traded up $1.02 during midday trading on Thursday, hitting $18.27. The company’s stock had a trading volume of 1,527,613 shares, compared to its average volume of 1,171,843. Pattern Group has a 12 month low of $8.92 and a 12 month high of $29.80. The company has a market capitalization of $2.84 billion, a PE ratio of 28.11 and a beta of 1.29. The stock’s 50-day moving average price is $18.25 and its 200-day moving average price is $17.60.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $885.85 million during the quarter. Pattern Group had a negative net margin of 4.57% and a negative return on equity of 318.79%. The business’s revenue for the quarter was up 38.5% on a year-over-year basis. During the same quarter last year, the business posted ($2.19) EPS. As a group, equities analysts anticipate that Pattern Group will post 0.64 EPS for the current year.

Institutional Trading of Pattern Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC raised its position in Pattern Group by 1,400.9% during the third quarter. Sterling Capital Management LLC now owns 1,711 shares of the company’s stock valued at $29,000 after buying an additional 1,597 shares during the period. State of Wyoming purchased a new position in Pattern Group during the 3rd quarter valued at about $106,000. State of Alaska Department of Revenue acquired a new position in shares of Pattern Group in the 3rd quarter valued at about $148,000. Arizona State Retirement System purchased a new stake in shares of Pattern Group in the second quarter worth approximately $226,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Pattern Group in the second quarter worth approximately $261,000.

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.