MYDA Advisors LLC Cuts Stake in Pattern Group Inc. $PTRN

MYDA Advisors LLC lowered its stake in shares of Pattern Group Inc. (NASDAQ:PTRN) by 77.7% in the fourth quarter, Holdings Channel reports. The firm owned 60,000 shares of the company’s stock after selling 208,829 shares during the period. MYDA Advisors LLC’s holdings in Pattern Group were worth $692,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Capelight Capital Asset Management LP acquired a new position in Pattern Group during the fourth quarter worth about $923,000. Hudson Bay Capital Management LP acquired a new position in Pattern Group during the third quarter worth about $1,649,000. Monashee Investment Management LLC acquired a new position in Pattern Group during the third quarter worth about $2,055,000. Dragoneer Investment Group LLC acquired a new position in Pattern Group during the third quarter worth about $6,709,000. Finally, Westfield Capital Management Co. LP acquired a new position in Pattern Group during the third quarter worth about $15,562,000.

Pattern Group Price Performance

NASDAQ:PTRN opened at $20.96 on Monday. The firm has a market capitalization of $3.25 billion and a price-to-earnings ratio of -11.21. The company’s 50-day moving average is $16.08 and its two-hundred day moving average is $13.73. Pattern Group Inc. has a 1-year low of $8.92 and a 1-year high of $21.40.

Pattern Group (NASDAQ:PTRN) last posted its earnings results 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 firm had revenue of $773.73 million during the quarter, compared to analyst estimates of $715.90 million. The business’s revenue for the quarter was up 43.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.17 earnings per share. As a group, equities analysts anticipate 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 repurchase plan on Thursday, March 5th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 5.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

PTRN has been the topic of a number of recent research reports. Robert W. Baird lowered their price target on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, March 6th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research report on Monday, March 23rd. JPMorgan Chase & Co. boosted their price target on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Needham & Company LLC boosted their price target on shares of Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Ten equities 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 company. According to MarketBeat, Pattern Group has an average rating of “Moderate Buy” and a consensus target price of $20.67.

Insiders Place Their Bets

In other Pattern Group news, Director Ann Mather sold 5,301 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $16.51, for a total value of $87,519.51. Following the transaction, the director directly owned 31,509 shares in the company, valued at $520,213.59. The trade was a 14.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 70.97% of the stock is owned by insiders.

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.