Pattern Group (NASDAQ:PTRN) Sets New 1-Year High – Still a Buy?

Shares of Pattern Group Inc. (NASDAQ:PTRN) hit a new 52-week high during trading on Thursday . The company traded as high as $21.80 and last traded at $21.5470, with a volume of 936830 shares trading hands. The stock had previously closed at $20.45.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research note on Monday, March 23rd. Stifel Nicolaus decreased their target price on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, March 6th. Robert W. Baird decreased their target price on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, March 6th. Needham & Company LLC lifted their target price on Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. lifted their target price on Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Pattern Group has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Stock Up 5.5%

The stock has a 50 day simple moving average of $16.52 and a 200 day simple moving average of $13.84. The company has a market capitalization of $3.35 billion and a price-to-earnings ratio of -11.56.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings data 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 business had revenue of $773.73 million for the quarter, compared to analyst estimates of $715.90 million. The business’s quarterly revenue was up 43.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. As a group, analysts forecast that Pattern Group Inc. will post 0.56 EPS for the current year.

Pattern Group declared that its Board of Directors has initiated a stock buyback program on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 5.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director Ann Mather sold 5,301 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $16.51, for a total transaction of $87,519.51. Following the completion of the transaction, the director directly owned 31,509 shares in the company, valued at approximately $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 70.97% of the company’s stock.

Institutional Investors Weigh In On Pattern Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clearstead Advisors LLC raised its holdings in Pattern Group by 222.0% during the fourth 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. Roxbury Financial LLC bought a new stake in Pattern Group during the first quarter worth approximately $40,000. Federation des caisses Desjardins du Quebec bought a new stake in Pattern Group during the fourth quarter worth approximately $58,000. PNC Financial Services Group Inc. bought a new stake in Pattern Group during the third quarter worth approximately $89,000. Finally, FNY Investment Advisers LLC bought a new stake in Pattern Group during the third quarter worth approximately $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.