Pattern Group (NASDAQ:PTRN) Shares Down 5.9% – Here’s Why

Shares of Pattern Group Inc. (NASDAQ:PTRN) traded down 5.9% during trading on Tuesday . The company traded as low as $26.40 and last traded at $26.3650. Approximately 333,944 shares were traded during trading, a decline of 76% from the average session volume of 1,395,677 shares. The stock had previously closed at $28.01.

Analyst Ratings Changes

Several research analysts have recently issued reports on PTRN shares. Jefferies Financial Group downgraded Pattern Group from a “buy” rating to a “hold” rating and upped their price objective for the company from $21.00 to $30.00 in a research note on Tuesday, July 14th. Weiss Ratings reiterated 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 issued a $27.00 price target on shares of Pattern Group in a research report on Monday, June 29th. Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.89.

Pattern Group Trading Down 4.9%

The stock has a market cap of $4.13 billion and a price-to-earnings ratio of -14.25. The stock’s 50-day moving average price is $22.09 and its 200-day moving average price is $15.97.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.06. The firm had revenue of $773.73 million for the quarter, compared to analyst estimates of $715.90 million. During the same quarter last year, the company earned $0.17 earnings per share. The company’s quarterly revenue was up 43.2% compared to the same quarter last year. As a group, analysts predict that Pattern Group Inc. will post 0.56 earnings per share for the current year.

Insider Buying and Selling

In other Pattern Group 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 completion of the sale, the director directly owned 31,509 shares in the company, valued at approximately $520,213.59. This trade represents a 14.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 70.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Knox Lane LP bought a new position in shares of Pattern Group during the 4th quarter worth approximately $325,157,000. Norges Bank acquired a new position in shares of Pattern Group during the 4th quarter valued at $25,965,000. Wasatch Advisors LP acquired a new position in shares of Pattern Group during the 4th quarter valued at $23,144,000. Vanguard Group Inc. bought a new position in Pattern Group during the third quarter worth $20,640,000. Finally, Woodline Partners LP acquired a new stake in Pattern Group in the third quarter worth $19,678,000.

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.