Pattern Group (NASDAQ:PTRN) Trading Up 9.9% – Here’s Why

Shares of Pattern Group Inc. (NASDAQ:PTRN) were up 9.9% during mid-day trading on Wednesday . The stock traded as high as $12.80 and last traded at $12.85. Approximately 391,514 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 1,091,936 shares. The stock had previously closed at $11.69.

Analyst Upgrades and Downgrades

PTRN has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased their price objective on Pattern Group from $21.00 to $17.00 and set an “overweight” rating for the company in a research report on Friday, March 6th. Stifel Nicolaus dropped their target price on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, March 6th. Jefferies Financial Group set a $20.00 price target on Pattern Group in a research note on Thursday, December 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price target on shares of Pattern Group in a report on Thursday, January 15th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research report on Monday. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.22.

Pattern Group Stock Performance

The stock has a market cap of $1.98 billion and a PE ratio of -6.29. The business’s 50-day moving average price is $12.13.

Pattern Group (NASDAQ:PTRN) last released its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.04. The business had revenue of $723.10 million for the quarter, compared to analyst estimates of $691.35 million. The company’s revenue for the quarter was up 40.3% on a year-over-year basis.

Pattern Group announced that its board has authorized a share buyback plan 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Clearstead Advisors LLC boosted its position in shares of Pattern Group by 222.0% during the 4th quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock worth $27,000 after purchasing an additional 1,636 shares in the last quarter. Federation des caisses Desjardins du Quebec purchased a new position in shares of Pattern Group in the 4th quarter valued at about $58,000. PNC Financial Services Group Inc. acquired a new stake in shares of Pattern Group in the third quarter valued at about $89,000. FNY Investment Advisers LLC acquired a new stake in shares of Pattern Group in the third quarter valued at about $137,000. Finally, Susquehanna International Group LLP purchased a new stake in Pattern Group during the third quarter worth about $137,000.

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.