Pattern Group (NASDAQ:PTRN) Stock Price Up 7.4% – What’s Next?

Pattern Group Inc. (NASDAQ:PTRN) shares rose 7.4% during trading on Monday . The company traded as high as $17.68 and last traded at $17.7250. Approximately 1,492,094 shares traded hands during trading, an increase of 44% from the average daily volume of 1,037,331 shares. The stock had previously closed at $16.51.

Wall Street Analyst Weigh In

PTRN has been the subject of a number of recent research reports. Needham & Company LLC boosted their price objective on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wall Street Zen raised Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Stifel Nicolaus decreased their price objective on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, March 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Price Performance

The company has a market capitalization of $2.75 billion and a P/E ratio of -9.48. The firm has a fifty day moving average price of $13.31 and a 200-day moving average price of $13.40.

Pattern Group (NASDAQ:PTRN) last released its earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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. The business’s revenue was up 43.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.17 earnings per share. On average, research analysts forecast that Pattern Group Inc. will post 0.56 EPS for the current year.

Pattern Group declared that its board has initiated a stock repurchase plan on Thursday, March 5th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

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

Hedge Funds Weigh In On Pattern Group

Institutional investors have recently bought and sold shares of the company. Clearstead Advisors LLC lifted its stake in Pattern Group by 222.0% in 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 during the last quarter. Roxbury Financial LLC purchased a new position in Pattern Group in the first quarter valued at approximately $40,000. Federation des caisses Desjardins du Quebec purchased a new position in Pattern Group in the fourth quarter valued at approximately $58,000. PNC Financial Services Group Inc. purchased a new position in Pattern Group in the third quarter valued at approximately $89,000. Finally, FNY Investment Advisers LLC purchased a new position in Pattern Group in the third quarter valued at approximately $137,000.

Pattern Group Company Profile

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.