Altimeter Capital Management LP Takes Position in Pattern Group Inc. $PTRN

Altimeter Capital Management LP purchased a new position in Pattern Group Inc. (NASDAQ:PTRN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 721,430 shares of the company’s stock, valued at approximately $9,884,000. Pattern Group accounts for about 0.1% of Altimeter Capital Management LP’s investment portfolio, making the stock its 21st biggest position.

Several other large investors also recently added to or reduced their stakes in PTRN. Ameriprise Financial Inc. purchased a new position in Pattern Group during the third quarter worth about $13,685,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Pattern Group in the 3rd quarter valued at about $14,680,000. Freestone Grove Partners LP purchased a new stake in shares of Pattern Group in the 3rd quarter valued at about $3,051,000. Burkehill Global Management LP bought a new stake in shares of Pattern Group during the 3rd quarter valued at about $3,425,000. Finally, Longaeva Partners L.P. purchased a new position in shares of Pattern Group during the third quarter worth about $2,009,000.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PTRN. Jefferies Financial Group set a $20.00 price objective on shares of Pattern Group in a research report on Thursday, December 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a research note on Wednesday, December 24th. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Pattern Group in a report on Thursday, January 15th. JPMorgan Chase & Co. lowered their price objective on shares of Pattern Group from $21.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, March 6th. Finally, Robert W. Baird dropped their price objective on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, March 6th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.22.

Pattern Group Trading Down 4.9%

Shares of NASDAQ PTRN opened at $11.35 on Friday. The firm’s 50-day moving average price is $12.43. The stock has a market cap of $1.76 billion and a PE ratio of -5.59. Pattern Group Inc. has a 1-year low of $8.92 and a 1-year high of $20.10.

Pattern Group (NASDAQ:PTRN) last issued 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 firm had revenue of $723.10 million during the quarter, compared to analysts’ expectations of $691.35 million. The firm’s quarterly revenue was up 40.3% compared to the same quarter last year.

Pattern Group declared that its board has approved a stock buyback plan on Thursday, March 5th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Pattern Group 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.