Pattern Group (NASDAQ:PTRN) to Repurchase $100.00 million in Outstanding Stock

Pattern Group (NASDAQ:PTRN) announced that its board has authorized a share buyback program on Thursday, March 5th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 5.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Pattern Group Stock Up 1.7%

PTRN stock traded up $0.20 during midday trading on Thursday, hitting $11.68. The stock had a trading volume of 1,233,011 shares, compared to its average volume of 835,536. Pattern Group has a 52 week low of $8.92 and a 52 week high of $20.10. The stock’s 50-day simple moving average is $12.48. The firm has a market capitalization of $1.80 billion and a price-to-earnings ratio of -5.33.

Pattern Group (NASDAQ:PTRN) last posted its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. The company’s revenue for the quarter was up 40.3% on a year-over-year basis.

Wall Street Analysts Forecast Growth

PTRN has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Pattern Group in a research report on Thursday, January 15th. Jefferies Financial Group set a $20.00 price objective on shares of Pattern Group in a research note on Thursday, December 11th. Robert W. Baird upped their price objective on shares of Pattern Group from $18.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. JPMorgan Chase & Co. raised their target price on Pattern Group from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, Evercore set a $23.00 price target on shares of Pattern Group and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Pattern Group has a consensus rating of “Moderate Buy” and an average target price of $21.00.

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.