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

Shares of Pattern Group Inc. (NASDAQ:PTRN) hit a new 52-week high during trading on Wednesday . The company traded as high as $22.19 and last traded at $22.0760, with a volume of 530034 shares trading hands. The stock had previously closed at $21.49.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Pattern Group in a report on Thursday, June 18th. Stifel Nicolaus cut their target price on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, March 6th. Robert W. Baird reduced their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, March 6th. Finally, Needham & Company LLC boosted their price target on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Price Performance

The stock has a market capitalization of $3.42 billion and a P/E ratio of -11.79. The stock’s 50-day simple moving average is $17.22 and its 200 day simple moving average is $14.02.

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 has authorized a stock 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 repurchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Pattern Group

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

Hedge Funds Weigh In On Pattern Group

A number of large investors have recently made changes to their positions in the company. Knox Lane LP acquired a new stake in Pattern Group during the 4th quarter worth approximately $325,157,000. Wasatch Advisors LP grew its holdings in Pattern Group by 21.8% in the 1st quarter. Wasatch Advisors LP now owns 2,442,394 shares of the company’s stock valued at $30,359,000 after buying an additional 436,870 shares in the last quarter. Norges Bank bought a new position in Pattern Group during the 4th quarter worth $25,965,000. Loomis Sayles & Co. L P increased its position in Pattern Group by 28.7% during the 4th quarter. Loomis Sayles & Co. L P now owns 2,135,163 shares of the company’s stock worth $24,640,000 after buying an additional 476,122 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Pattern Group by 1.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company’s stock worth $25,723,000 after buying an additional 23,589 shares in the last quarter.

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.