Pattern Group (NASDAQ:PTRN) Shares Gap Down – Time to Sell?

Pattern Group Inc. (NASDAQ:PTRN)’s share price gapped down before the market opened on Monday . The stock had previously closed at $20.96, but opened at $18.84. Pattern Group shares last traded at $18.1680, with a volume of 580,337 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Stifel Nicolaus reduced their price objective on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, March 6th. JPMorgan Chase & Co. raised their price target on Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research report on Monday, March 23rd. Robert W. Baird reduced their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, March 6th. Finally, Wall Street Zen upgraded Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Ten 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.

Pattern Group Stock Performance

The stock has a market capitalization of $2.91 billion and a P/E ratio of -10.02. The stock has a 50-day moving average price of $16.08 and a two-hundred day moving average price of $13.73.

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, topping analysts’ consensus estimates of $0.10 by $0.06. The business had revenue of $773.73 million during the quarter, compared to the consensus estimate of $715.90 million. Pattern Group’s quarterly revenue was up 43.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.17 earnings per share. Equities analysts anticipate that Pattern Group Inc. will post 0.56 earnings per share for the current fiscal year.

Pattern Group announced that its board has authorized a stock buyback plan on Thursday, March 5th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Pattern Group

In related news, Director Ann Mather sold 5,301 shares of Pattern Group stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $16.51, for a total transaction of $87,519.51. Following the sale, the director directly owned 31,509 shares in the company, valued at $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 70.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pattern Group

Several hedge funds have recently made changes to their positions in the company. Clearstead Advisors LLC boosted its position in shares of Pattern Group by 222.0% during the fourth quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock valued at $27,000 after purchasing an additional 1,636 shares in the last quarter. Roxbury Financial LLC purchased a new position in Pattern Group during the first quarter valued at $40,000. Barclays PLC raised its stake in Pattern Group by 25.2% during the fourth quarter. Barclays PLC now owns 16,652 shares of the company’s stock valued at $192,000 after buying an additional 3,352 shares during the last quarter. Federation des caisses Desjardins du Quebec purchased a new position in Pattern Group during the fourth quarter valued at $58,000. Finally, PNC Financial Services Group Inc. purchased a new position in Pattern Group during the third quarter valued at $89,000.

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.