Pattern Group (NASDAQ:PTRN) Hits New 1-Year High – Should You Buy?

Pattern Group Inc. (NASDAQ:PTRN) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $20.85 and last traded at $20.7840, with a volume of 198859 shares trading hands. The stock had previously closed at $20.41.

Analyst Upgrades and Downgrades

PTRN has been the subject of several analyst reports. Needham & Company LLC increased their price target on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. increased their target price on shares of Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Robert W. Baird lowered their target price on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, March 6th. Stifel Nicolaus reduced their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, March 6th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Stock Performance

The company has a market capitalization of $3.25 billion and a price-to-earnings ratio of -11.21. The business’s 50 day moving average is $15.56 and its 200 day moving average is $13.60.

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

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

Insider Buying and Selling at Pattern Group

In other news, Director Ann Mather sold 5,301 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $16.51, for a total value of $87,519.51. Following the transaction, the director directly owned 31,509 shares of the company’s stock, valued at approximately $520,213.59. This represents a 14.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 70.97% of the company’s stock.

Hedge Funds Weigh In On Pattern Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Clearstead Advisors LLC lifted its stake in Pattern Group by 222.0% during the 4th quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock valued at $27,000 after acquiring an additional 1,636 shares during the period. Roxbury Financial LLC acquired a new stake in shares of Pattern Group in the first quarter worth $40,000. Federation des caisses Desjardins du Quebec purchased a new position in shares of Pattern Group during the fourth quarter worth $58,000. PNC Financial Services Group Inc. acquired a new position in Pattern Group during the third quarter valued at $89,000. Finally, FNY Investment Advisers LLC purchased a new stake in Pattern Group in the third quarter valued at $137,000.

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.