Pattern Group (NASDAQ:PTRN) Trading 7.6% Higher – Time to Buy?

Pattern Group Inc. (NASDAQ:PTRN)’s share price traded up 7.6% during mid-day trading on Monday . The company traded as high as $24.48 and last traded at $24.6310. Approximately 295,237 shares changed hands during trading, a decline of 77% from the average daily volume of 1,277,513 shares. The stock had previously closed at $22.90.

Analyst Upgrades and Downgrades

PTRN has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Needham & Company LLC upped their price target on shares of Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of Pattern Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Stifel Nicolaus decreased their price objective on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 6th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research note on Thursday, June 18th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $21.78.

Pattern Group Price Performance

The stock has a market capitalization of $3.91 billion and a P/E ratio of -13.47. The stock’s 50-day simple moving average is $18.21 and its 200 day simple moving average is $14.38.

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

Pattern Group declared that its Board of Directors has approved a share buyback plan on Thursday, March 5th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Pattern Group news, Director Ann Mather sold 5,301 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $16.51, for a total value of $87,519.51. Following the transaction, the director directly owned 31,509 shares of the company’s stock, valued at $520,213.59. This represents a 14.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 70.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Pattern Group

Several institutional investors have recently added to or reduced their stakes in PTRN. Capelight Capital Asset Management LP acquired a new stake in Pattern Group in the 4th quarter worth about $923,000. Hudson Bay Capital Management LP acquired a new position in shares of Pattern Group during the 3rd quarter worth approximately $1,649,000. Dragoneer Investment Group LLC acquired a new position in shares of Pattern Group during the 3rd quarter worth approximately $6,709,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Pattern Group by 8.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,077,956 shares of the company’s stock worth $23,896,000 after purchasing an additional 169,297 shares during the period. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Pattern Group in the third quarter valued at approximately $4,385,000.

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.