Pattern Group (NASDAQ:PTRN) Shares Up 7.4% – Here’s Why

Pattern Group Inc. (NASDAQ:PTRN) shares were up 7.4% during trading on Monday . The company traded as high as $17.68 and last traded at $17.7250. Approximately 1,492,094 shares traded hands during mid-day trading, an increase of 44% from the average daily volume of 1,037,331 shares. The stock had previously closed at $16.51.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PTRN. Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a research note on Monday, March 23rd. Stifel Nicolaus decreased their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Needham & Company LLC raised their price objective on Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Robert W. Baird reduced their price objective on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Finally, Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Ten 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Stock Up 6.1%

The firm has a 50-day moving average price of $13.06 and a 200 day moving average price of $13.39. The firm has a market capitalization of $2.72 billion and a PE ratio of -9.37.

Pattern Group (NASDAQ:PTRN) last posted its earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.06. The firm had revenue of $773.73 million for the quarter, compared to analyst estimates of $715.90 million. During the same period in the previous year, the company posted $0.17 EPS. Pattern Group’s revenue was up 43.2% on a year-over-year basis. Equities research analysts expect that Pattern Group Inc. will post 0.56 earnings per share for the current year.

Pattern Group announced that its Board of Directors has initiated a share buyback program on Thursday, March 5th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Clearstead Advisors LLC grew its holdings in shares of Pattern Group by 222.0% in the fourth quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock valued at $27,000 after purchasing an additional 1,636 shares in the last quarter. Roxbury Financial LLC acquired a new stake in Pattern Group during the 1st quarter worth approximately $40,000. Federation des caisses Desjardins du Quebec purchased a new position in Pattern Group in the 4th quarter valued at approximately $58,000. PNC Financial Services Group Inc. acquired a new position in shares of Pattern Group in the third quarter worth $89,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Pattern Group in the third quarter worth $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.