Pattern Group (NASDAQ:PTRN) Shares Down 6.7% – Here’s What Happened

Pattern Group Inc. (NASDAQ:PTRN)’s share price dropped 6.7% on Friday . The company traded as low as $21.26 and last traded at $21.2990. 1,003,196 shares changed hands during trading, a decline of 31% from the average session volume of 1,450,876 shares. The stock had previously closed at $22.82.

Analyst Ratings Changes

PTRN has been the subject of several research analyst reports. Needham & Company LLC boosted their price objective on Pattern Group from $24.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen raised Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. lifted 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. The Goldman Sachs Group reiterated a “buy” rating and set a $31.00 price target on shares of Pattern Group in a report on Thursday, August 6th. Finally, Jefferies Financial Group downgraded shares of Pattern Group from a “buy” rating to a “hold” rating and raised their price objective for the stock from $21.00 to $30.00 in a research note on Tuesday, July 14th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Pattern Group Price Performance

The company’s 50 day moving average is $23.87 and its two-hundred day moving average is $17.21. The firm has a market cap of $3.34 billion and a P/E ratio of -12.47.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. The firm had revenue of $876.77 million for the quarter. Pattern Group had a negative return on equity of 475.61% and a negative net margin of 4.57%. Research analysts predict that Pattern Group Inc. will post 0.6 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PTRN. Vanguard Group Inc. bought a new position in Pattern Group in the third quarter worth $20,640,000. Blair William & Co. IL bought a new stake in Pattern Group in the 3rd quarter valued at $253,000. Legal & General Group Plc bought a new stake in Pattern Group in the 3rd quarter valued at $411,000. UBS Group AG acquired a new position in shares of Pattern Group in the 3rd quarter valued at $7,578,000. Finally, Sei Investments Co. acquired a new position in shares of Pattern Group in the 3rd quarter valued at $654,000.

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.