Pattern Group (NASDAQ:PTRN) Sets New 52-Week High – Here’s What Happened

Pattern Group Inc. (NASDAQ:PTRN) reached a new 52-week high on Wednesday . The stock traded as high as $20.85 and last traded at $20.7840, with a volume of 198859 shares changing hands. The stock had previously closed at $20.41.

Analyst Upgrades and Downgrades

Several research firms have commented on PTRN. Needham & Company LLC lifted their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their target price 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. Robert W. Baird cut their price target on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research report on Monday, March 23rd. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Pattern Group presently has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Pattern Group Stock Up 2.6%

The stock’s 50 day moving average price is $15.56 and its 200-day moving average price is $13.60. The stock has a market capitalization of $3.25 billion and a PE ratio of -11.21.

Pattern Group (NASDAQ:PTRN) last released its quarterly earnings data 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 company had revenue of $773.73 million during the quarter, compared to analysts’ expectations of $715.90 million. Pattern Group’s quarterly revenue was up 43.2% on a year-over-year basis. During the same period last year, the firm earned $0.17 earnings per share. As a group, sell-side analysts predict that Pattern Group Inc. will post 0.56 earnings per share for the current fiscal year.

Pattern Group announced that its Board of Directors has authorized a stock buyback program on Thursday, March 5th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 5.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity at Pattern Group

In related news, Director Ann Mather sold 5,301 shares of Pattern Group stock in a transaction dated 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 sale, the director directly owned 31,509 shares in the company, valued at $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 70.97% of the company’s stock.

Institutional Investors Weigh In On Pattern Group

Several large investors have recently modified their holdings of PTRN. Clearstead Advisors LLC boosted its stake in shares of Pattern Group by 222.0% during 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 in the last quarter. Roxbury Financial LLC purchased a new stake in Pattern Group during the first quarter worth $40,000. Barclays PLC boosted its position in Pattern Group by 25.2% during the 4th quarter. Barclays PLC now owns 16,652 shares of the company’s stock valued at $192,000 after acquiring an additional 3,352 shares in the last quarter. Federation des caisses Desjardins du Quebec bought a new stake in Pattern Group during the 4th quarter valued at $58,000. Finally, PNC Financial Services Group Inc. purchased a new position in shares of Pattern Group in the 3rd quarter valued at $89,000.

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.