Short Interest in Pattern Group Inc. (NASDAQ:PTRN) Expands By 115.5%

Pattern Group Inc. (NASDAQ:PTRN) was the target of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 4,321,456 shares, an increase of 115.5% from the June 15th total of 2,005,197 shares. Currently, 9.6% of the company’s stock are short sold. Based on an average trading volume of 3,432,871 shares, the short-interest ratio is currently 1.3 days.

Insider Buying and Selling at Pattern Group

In related news, Director Ann Mather sold 5,301 shares of the firm’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 transaction, the director directly owned 31,509 shares of the company’s stock, valued at approximately $520,213.59. This trade represents a 14.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 70.97% of the company’s stock.

Institutional Investors Weigh In On Pattern Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wasatch Advisors LP lifted its holdings in shares of Pattern Group by 28.4% during the 2nd quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company’s stock worth $78,974,000 after acquiring an additional 692,735 shares during the period. Sylebra Capital LLC bought a new stake in Pattern Group in the first quarter valued at about $1,971,000. Weiss Asset Management LP bought a new stake in Pattern Group in the first quarter valued at about $3,212,000. Public Employees Retirement System of Ohio raised its position in Pattern Group by 44.8% in the first quarter. Public Employees Retirement System of Ohio now owns 118,097 shares of the company’s stock worth $1,468,000 after purchasing an additional 36,539 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Pattern Group in the first quarter worth about $561,000.

Pattern Group Trading Down 0.9%

Shares of PTRN stock opened at $28.92 on Friday. Pattern Group has a 12 month low of $8.92 and a 12 month high of $29.80. The company has a market capitalization of $4.49 billion and a P/E ratio of -15.47. The stock has a 50 day moving average of $21.60 and a two-hundred day moving average of $15.74.

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 analysts’ consensus estimates of $0.10 by $0.06. The firm had revenue of $773.73 million for the quarter, compared to the consensus estimate of $715.90 million. The business’s revenue for the quarter was up 43.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Sell-side analysts predict that Pattern Group will post 0.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a report on Thursday, June 18th. Jefferies Financial Group cut shares of Pattern Group from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $21.00 to $30.00 in a research note on Tuesday. Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Needham & Company LLC raised their target price on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $27.00 target price on shares of Pattern Group in a report on Monday, June 29th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $22.89.

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.