Pattern Group (NASDAQ:PTRN) Trading Down 6.3% – What’s Next?

Pattern Group Inc. (NASDAQ:PTRN)’s share price fell 6.3% during mid-day trading on Thursday . The company traded as low as $12.71 and last traded at $12.7790. 216,124 shares were traded during trading, a decline of 77% from the average session volume of 942,823 shares. The stock had previously closed at $13.64.

Analyst Ratings Changes

A number of brokerages have issued reports on PTRN. Robert W. Baird cut 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 note on Friday, March 6th. Needham & Company LLC restated a “buy” rating and set a $22.00 price target on shares of Pattern Group in a research note on Thursday, January 15th. JPMorgan Chase & Co. cut their price target on shares of Pattern Group from $21.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, March 6th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research note on Monday, March 23rd. Finally, Stifel Nicolaus cut their price target on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Ten 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.22.

Pattern Group Trading Up 2.4%

The firm’s fifty day moving average price is $12.10 and its 200 day moving average price is $13.33. The firm has a market capitalization of $2.14 billion and a PE ratio of -6.79.

Pattern Group (NASDAQ:PTRN) last released its quarterly earnings data on Thursday, March 5th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.12 by $0.04. The business had revenue of $723.10 million during the quarter, compared to analysts’ expectations of $691.35 million. The firm’s quarterly revenue was up 40.3% on a year-over-year basis. On average, analysts predict that Pattern Group Inc. will post 0.46 earnings per share for the current year.

Pattern Group announced that its Board of Directors has initiated a share buyback program on Thursday, March 5th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Pattern Group

A number of hedge funds have recently added to or reduced their stakes in PTRN. SG Americas Securities LLC purchased a new stake in Pattern Group during the third quarter worth $168,000. Steadview Capital Management LLC purchased a new stake in Pattern Group during the third quarter worth $5,480,000. Teacher Retirement System of Texas purchased a new stake in Pattern Group during the third quarter worth $2,740,000. Copia Wealth Management purchased a new stake in Pattern Group during the third quarter worth $294,000. Finally, Federated Hermes Inc. purchased a new stake in Pattern Group during the third quarter worth $247,000.

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.