Pattern Group (NASDAQ:PTRN) Reaches New 1-Year High – Here’s Why

Pattern Group Inc. (NASDAQ:PTRN)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $29.63 and last traded at $28.6010, with a volume of 1731 shares traded. The stock had previously closed at $28.95.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PTRN shares. Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research report on Thursday, June 18th. The Goldman Sachs Group restated a “buy” rating and set a $27.00 target price on shares of Pattern Group in a research report on Monday, June 29th. JPMorgan Chase & Co. boosted their price objective on Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC raised their price objective on Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.78.

Pattern Group Price Performance

The company has a market cap of $4.48 billion and a price-to-earnings ratio of -15.34. The firm has a 50 day simple moving average of $20.48 and a 200-day simple moving average of $15.26.

Pattern Group (NASDAQ:PTRN) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The company had revenue of $773.73 million during the quarter, compared to analysts’ expectations of $715.90 million. Pattern Group’s revenue was up 43.2% on a year-over-year basis. During the same period last year, the firm posted $0.17 earnings per share. Research analysts anticipate that Pattern Group Inc. will post 0.56 EPS for the current fiscal year.

Insider Activity

In related news, Director Ann Mather sold 5,301 shares of the 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 transaction, the director owned 31,509 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. Corporate insiders own 70.97% of the company’s stock.

Institutional Trading of Pattern Group

Hedge funds have recently made changes to their positions in the business. Knox Lane LP acquired a new position in shares of Pattern Group in the fourth quarter valued at approximately $325,157,000. Wasatch Advisors LP grew its stake in shares of Pattern Group by 28.4% in the second quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company’s stock worth $78,974,000 after acquiring an additional 692,735 shares in the last quarter. Norges Bank purchased a new stake in shares of Pattern Group during the fourth quarter worth $25,965,000. Loomis Sayles & Co. L P boosted its holdings in Pattern Group by 28.7% in the fourth quarter. Loomis Sayles & Co. L P now owns 2,135,163 shares of the company’s stock valued at $24,640,000 after purchasing an additional 476,122 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Pattern Group by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company’s stock valued at $25,723,000 after purchasing an additional 23,589 shares during the period.

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.