Pattern Group (NASDAQ:PTRN) Posts Quarterly Earnings Results, Beats Estimates By $0.52 EPS

Pattern Group (NASDAQ:PTRN) posted its earnings results on Wednesday. The company reported ($2.19) EPS for the quarter, beating the consensus estimate of ($2.71) by $0.52, Zacks reports.

Pattern Group Trading Up 7.3%

Shares of PTRN traded up $1.23 during trading hours on Wednesday, reaching $18.04. The stock had a trading volume of 923,336 shares, compared to its average volume of 1,221,450. Pattern Group has a 12 month low of $12.00 and a 12 month high of $18.95.

Insiders Place Their Bets

In other news, CEO David K. Wright sold 9,414,286 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $13.02, for a total value of $122,574,003.72. Following the completion of the transaction, the chief executive officer directly owned 29,418,585 shares in the company, valued at approximately $383,029,976.70. This represents a 24.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel Gay sold 1,300,000 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $13.02, for a total value of $16,926,000.00. Following the completion of the transaction, the director owned 829,475 shares of the company’s stock, valued at $10,799,764.50. The trade was a 61.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Analysts Set New Price Targets

PTRN has been the topic of several research reports. William Blair began coverage on Pattern Group in a research report on Tuesday, October 14th. They issued an “outperform” rating on the stock. Robert W. Baird began coverage on Pattern Group in a research report on Tuesday, October 14th. They set an “outperform” rating and a $18.00 price target on the stock. Wall Street Zen raised Pattern Group to a “hold” rating in a research report on Saturday, October 11th. The Goldman Sachs Group began coverage on Pattern Group in a research report on Tuesday, October 14th. They set a “buy” rating and a $17.00 price target on the stock. Finally, Jefferies Financial Group began coverage on Pattern Group in a research report on Tuesday, October 14th. They set a “buy” rating and a $18.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $18.11.

About Pattern Group

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.