Pattern Group (NASDAQ:PTRN) Stock Rating Lowered by Wall Street Zen

Pattern Group (NASDAQ:PTRN) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently issued reports on the company. Robert W. Baird set a $26.00 price target on Pattern Group in a research note on Thursday, August 6th. KeyCorp lowered their price target on Pattern Group from $30.00 to $25.00 and set an “overweight” rating on the stock in a report on Monday, November 2nd. BMO Capital Markets restated an “outperform” rating and set a $28.00 price target on shares of Pattern Group in a research note on Thursday, August 6th. Weiss Ratings raised shares of Pattern Group from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. Finally, Needham & Company LLC upped their target price on Pattern Group from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.89.

Pattern Group Stock Performance

Pattern Group stock opened at $18.27 on Friday. The stock’s 50 day simple moving average is $18.25 and its two-hundred day simple moving average is $17.60. Pattern Group has a fifty-two week low of $8.92 and a fifty-two week high of $29.80. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 28.11 and a beta of 1.29.

Pattern Group (NASDAQ:PTRN) last released its earnings results on Thursday, November 5th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. The business had revenue of $885.85 million during the quarter. Pattern Group had a negative net margin of 4.57% and a negative return on equity of 318.79%. The firm’s revenue for the quarter was up 38.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($2.19) EPS. On average, analysts predict that Pattern Group will post 0.64 earnings per share for the current year.

Hedge Funds Weigh In On Pattern Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PTRN. Wasatch Advisors LP raised its position in Pattern Group by 28.4% in the second quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company’s stock valued at $78,974,000 after purchasing an additional 692,735 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Pattern Group by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company’s stock valued at $25,723,000 after buying an additional 23,589 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Pattern Group by 237.9% in the third quarter. Russell Investments Group Ltd. now owns 274,906 shares of the company’s stock valued at $4,700,000 after purchasing an additional 193,559 shares during the last quarter. Weiss Asset Management LP purchased a new position in Pattern Group in the first quarter valued at about $3,212,000. Finally, Readystate Asset Management LP raised its position in shares of Pattern Group by 363.9% during the second quarter. Readystate Asset Management LP now owns 212,964 shares of the company’s stock worth $5,365,000 after purchasing an additional 167,053 shares during the period.

About Pattern Group

Pattern Group Inc (NASDAQ: PTRN) is an e-commerce technology and services company that helps brands grow and manage their online businesses. Its platform combines software, data, and operational services to support product distribution and sales across major digital marketplaces, retailer websites, and other e-commerce channels.

The company’s services include marketplace management, digital advertising, product content and catalog optimization, pricing and assortment strategy, fulfillment coordination, and analytics.