Pattern Group (NASDAQ:PTRN) Sees Unusually-High Trading Volume – What’s Next?

Shares of Pattern Group Inc. (NASDAQ:PTRN) saw strong trading volume on Wednesday . 2,154,901 shares were traded during trading, an increase of 87% from the previous session’s volume of 1,149,583 shares.The stock last traded at $19.27 and had previously closed at $19.17.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PTRN shares. JPMorgan Chase & Co. raised their price objective 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 raised their price objective 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. Robert W. Baird cut their price objective on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company 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. Finally, Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Pattern Group presently has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Pattern Group Stock Performance

The company has a market capitalization of $2.98 billion and a price-to-earnings ratio of -10.28. The firm has a fifty day moving average price of $16.36 and a 200-day moving average price of $13.80.

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, topping the consensus estimate of $0.10 by $0.06. The company had revenue of $773.73 million for the quarter, compared to analyst estimates of $715.90 million. During the same period last year, the company posted $0.17 earnings per share. The business’s revenue for the quarter was up 43.2% compared to the same quarter last year. On average, sell-side analysts forecast that Pattern Group Inc. will post 0.56 EPS for the current fiscal year.

Pattern Group declared that its board has initiated a share buyback program on Thursday, March 5th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Pattern Group

In other news, Director Ann Mather sold 5,301 shares of the business’s 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 sale, the director directly owned 31,509 shares in the company, valued at approximately $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 70.97% of the company’s stock.

Institutional Investors Weigh In On Pattern Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Clearstead Advisors LLC increased its stake in shares of 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 buying an additional 1,636 shares during the period. Roxbury Financial LLC acquired a new stake in shares of Pattern Group in the first quarter valued at about $40,000. Barclays PLC increased its stake in shares of Pattern Group by 25.2% in the fourth quarter. Barclays PLC now owns 16,652 shares of the company’s stock valued at $192,000 after buying an additional 3,352 shares during the period. Federation des caisses Desjardins du Quebec acquired a new stake in shares of Pattern Group in the fourth quarter valued at about $58,000. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Pattern Group in the third quarter valued at about $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.