Wasatch Advisors LP Boosts Position in Pattern Group Inc. $PTRN

Wasatch Advisors LP boosted its stake in shares of Pattern Group Inc. (NASDAQ:PTRN) by 21.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 2,442,394 shares of the company’s stock after purchasing an additional 436,870 shares during the period. Wasatch Advisors LP’s holdings in Pattern Group were worth $30,359,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PTRN. Capelight Capital Asset Management LP bought a new position in Pattern Group in the 4th quarter worth about $923,000. Hudson Bay Capital Management LP bought a new stake in shares of Pattern Group during the third quarter valued at approximately $1,649,000. Monashee Investment Management LLC bought a new stake in shares of Pattern Group during the third quarter valued at approximately $2,055,000. Dragoneer Investment Group LLC purchased a new stake in shares of Pattern Group in the third quarter valued at approximately $6,709,000. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Pattern Group in the third quarter valued at approximately $15,562,000.

Insider Transactions at Pattern Group

In other Pattern Group news, Director Ann Mather sold 5,301 shares of the stock in a transaction on 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 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 can be accessed through this hyperlink. Company insiders own 70.97% of the company’s stock.

Analysts Set New Price Targets

PTRN has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Needham & Company LLC upped their target price on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a research report on Thursday, June 18th. Stifel Nicolaus cut their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Finally, Wall Street Zen upgraded Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Ten 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 data from MarketBeat, Pattern Group presently has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Stock Performance

NASDAQ PTRN opened at $22.90 on Friday. The firm’s 50 day moving average price is $17.75 and its 200-day moving average price is $14.20. Pattern Group Inc. has a 52-week low of $8.92 and a 52-week high of $23.03. The company has a market cap of $3.55 billion and a PE ratio of -12.25.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings data 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 business had revenue of $773.73 million for the quarter, compared to analysts’ expectations of $715.90 million. The business’s quarterly revenue was up 43.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.17 earnings per share. On average, analysts forecast that Pattern Group Inc. will post 0.56 earnings per share for the current fiscal year.

Pattern Group announced that its Board of Directors has authorized a share repurchase 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 generally a sign that the company’s board of directors believes its stock is undervalued.

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.