Pattern Group (NASDAQ:PTRN) Hits New 52-Week High – Time to Buy?

Pattern Group Inc. (NASDAQ:PTRN)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $21.80 and last traded at $21.5470, with a volume of 936830 shares. The stock had previously closed at $20.45.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Needham & Company LLC upped their price target on Pattern Group from $22.00 to $24.00 and gave the company a “buy” 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 dropped their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, March 6th. Finally, Robert W. Baird dropped their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. 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, Pattern Group presently has an average rating of “Moderate Buy” and an average target price of $20.67.

Pattern Group Price Performance

The company has a market cap of $3.35 billion and a P/E ratio of -11.56. The company has a fifty day simple moving average of $16.52 and a 200-day simple moving average of $13.84.

Pattern Group (NASDAQ:PTRN) last posted its quarterly 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 company had revenue of $773.73 million during the quarter, compared to the consensus estimate of $715.90 million. Pattern Group’s quarterly revenue was up 43.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 EPS. On average, analysts anticipate that Pattern Group Inc. will post 0.56 EPS for the current year.

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

Insider Transactions at Pattern Group

In other Pattern Group news, Director Ann Mather sold 5,301 shares of the business’s stock in a transaction on Friday, May 15th. The shares were 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 of the company’s stock, valued at $520,213.59. The trade was a 14.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 70.97% of the stock is currently owned by company insiders.

Institutional Trading of Pattern Group

Several large investors have recently added to or reduced their stakes in PTRN. PNC Financial Services Group Inc. acquired a new stake in Pattern Group during the 3rd quarter valued at $89,000. Vanguard Group Inc. acquired a new stake in Pattern Group during the 3rd quarter valued at $20,640,000. Greenland Capital Management LP acquired a new stake in Pattern Group during the 3rd quarter valued at $174,000. Westfield Capital Management Co. LP acquired a new stake in Pattern Group during the 3rd quarter valued at $15,562,000. Finally, Monashee Investment Management LLC acquired a new stake in Pattern Group during the 3rd quarter valued at $2,055,000.

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.