Pattern Group (NASDAQ:PTRN) Shares Gap Down – Here’s What Happened

Shares of Pattern Group Inc. (NASDAQ:PTRN) gapped down before the market opened on Monday . The stock had previously closed at $20.96, but opened at $18.84. Pattern Group shares last traded at $18.1680, with a volume of 580,337 shares.

Analyst Upgrades and Downgrades

PTRN has been the subject of a number of recent analyst reports. Stifel Nicolaus cut their price objective on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 6th. Needham & Company LLC lifted their price target 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. Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Wall Street Zen upgraded shares of Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.67.

Pattern Group Stock Down 2.2%

The company has a 50-day moving average of $16.36 and a 200 day moving average of $13.80. The stock has a market capitalization of $2.97 billion and a PE ratio of -10.25.

Pattern Group (NASDAQ:PTRN) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The firm had revenue of $773.73 million during the quarter, compared to analysts’ expectations of $715.90 million. During the same quarter in the previous year, the business posted $0.17 EPS. The company’s revenue for the quarter was up 43.2% on a year-over-year basis. As a group, equities analysts predict that Pattern Group Inc. will post 0.56 EPS for the current fiscal year.

Pattern Group declared that its board has authorized a stock buyback program on Thursday, March 5th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Ann Mather sold 5,301 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $16.51, for a total transaction of $87,519.51. Following the completion of the sale, the director owned 31,509 shares of the company’s stock, valued at approximately $520,213.59. This 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 the SEC website. Insiders own 70.97% of the company’s stock.

Institutional Investors Weigh In On Pattern Group

Several hedge funds and other institutional investors have recently made changes to their positions in PTRN. Knox Lane LP acquired a new stake in shares of Pattern Group in the 4th quarter worth $325,157,000. Norges Bank purchased a new stake in shares of Pattern Group in the fourth quarter valued at about $25,965,000. Wasatch Advisors LP acquired a new stake in Pattern Group during the fourth quarter worth about $23,144,000. Capital World Investors purchased a new position in Pattern Group during the third quarter worth about $23,975,000. Finally, Vanguard Group Inc. acquired a new position in Pattern Group in the 3rd quarter valued at about $20,640,000.

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.