Pattern Group (NASDAQ:PTRN) Trading Down 8.1% After Analyst Downgrade

Pattern Group Inc. (NASDAQ:PTRN) shares fell 8.1% on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $21.00 to $17.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Pattern Group traded as low as $9.21 and last traded at $9.92. 681,666 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 1,083,632 shares. The stock had previously closed at $10.80.

A number of other equities research analysts also recently issued reports on PTRN. Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a research report on Wednesday, December 24th. Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Pattern Group in a report on Thursday, January 15th. BMO Capital Markets raised their price target on shares of Pattern Group from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Evercore set a $23.00 price objective on shares of Pattern Group and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Finally, Stifel Nicolaus dropped their price objective on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.22.

Institutional Investors Weigh In On Pattern Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jacobs Equity LLC acquired a new position in Pattern Group in the 4th quarter worth $151,000. Quadrature Capital Ltd acquired a new stake in shares of Pattern Group during the fourth quarter valued at about $245,000. Readystate Asset Management LP purchased a new stake in shares of Pattern Group during the fourth quarter worth about $785,000. Man Group plc acquired a new position in shares of Pattern Group in the fourth quarter worth about $625,000. Finally, Lazard Asset Management LLC acquired a new position in shares of Pattern Group in the fourth quarter worth about $1,223,000.

Pattern Group Stock Performance

The stock’s fifty day moving average price is $12.46. The firm has a market capitalization of $1.56 billion and a PE ratio of -4.61.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings data 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 analysts’ expectations of $691.35 million. The business’s revenue was up 40.3% on a year-over-year basis.

Pattern Group announced that its board has authorized a share repurchase program on Thursday, March 5th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

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.