Pattern Group (NASDAQ:PTRN) Stock Price Up 9.9% – Should You Buy?

Pattern Group Inc. (NASDAQ:PTRN)’s stock price shot up 9.9% during trading on Wednesday . The stock traded as high as $12.80 and last traded at $12.85. 391,514 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 1,091,936 shares. The stock had previously closed at $11.69.

Analysts Set New Price Targets

A number of analysts have weighed in on PTRN shares. JPMorgan Chase & Co. cut their price target on Pattern Group from $21.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, March 6th. Robert W. Baird dropped their price objective on Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Jefferies Financial Group set a $20.00 target price on Pattern Group in a research report on Thursday, December 11th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research note on Monday. Finally, Stifel Nicolaus lowered their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, March 6th. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Pattern Group currently has an average rating of “Moderate Buy” and an average target price of $20.22.

Pattern Group Stock Up 9.2%

The company has a market cap of $1.98 billion and a PE ratio of -6.29. The stock has a 50 day simple moving average of $12.13.

Pattern Group (NASDAQ:PTRN) last released its quarterly earnings data on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.04. The company had revenue of $723.10 million during the quarter, compared to analyst estimates of $691.35 million. The business’s revenue was up 40.3% compared to the same quarter last year.

Pattern Group announced that its Board of Directors has authorized a share buyback plan on Thursday, March 5th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 5.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Pattern Group

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC purchased a new stake in Pattern Group in the 3rd quarter valued at $168,000. Steadview Capital Management LLC acquired a new position in Pattern Group in the third quarter valued at $5,480,000. Teacher Retirement System of Texas acquired a new position in Pattern Group in the third quarter valued at $2,740,000. Copia Wealth Management purchased a new stake in shares of Pattern Group in the third quarter valued at about $294,000. Finally, Federated Hermes Inc. acquired a new stake in shares of Pattern Group during the third quarter worth about $247,000.

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.