Pattern Group (NASDAQ:PTRN) Releases Quarterly Earnings Results, Beats Estimates By $0.52 EPS

Pattern Group (NASDAQ:PTRN) released its earnings results on Wednesday. The company reported ($2.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.71) by $0.52, Zacks reports.

Pattern Group Stock Performance

Shares of PTRN stock traded up $1.23 on Wednesday, hitting $18.04. The stock had a trading volume of 948,644 shares, compared to its average volume of 1,221,450. Pattern Group has a 52-week low of $12.00 and a 52-week high of $18.95.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PTRN. The Goldman Sachs Group began coverage on shares of Pattern Group in a report on Tuesday, October 14th. They issued a “buy” rating and a $17.00 price target on the stock. KeyCorp began coverage on Pattern Group in a report on Tuesday, October 14th. They issued an “overweight” rating and a $18.00 target price on the stock. Evercore ISI initiated coverage on Pattern Group in a research report on Tuesday, October 14th. They set an “outperform” rating and a $19.00 price target for the company. Robert W. Baird initiated coverage on Pattern Group in a report on Tuesday, October 14th. They issued an “outperform” rating and a $18.00 price objective on the stock. Finally, William Blair initiated coverage on Pattern Group in a research note on Tuesday, October 14th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Pattern Group presently has a consensus rating of “Buy” and a consensus price target of $18.11.

Insider Transactions at Pattern Group

In other Pattern Group news, Director Daniel Gay sold 1,300,000 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $13.02, for a total transaction of $16,926,000.00. Following the completion of the transaction, the director directly owned 829,475 shares of the company’s stock, valued at $10,799,764.50. This trade represents a 61.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David K. Wright sold 9,414,286 shares of the business’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $13.02, for a total value of $122,574,003.72. Following the completion of the sale, the chief executive officer directly owned 29,418,585 shares of the company’s stock, valued at approximately $383,029,976.70. This represents a 24.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

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.