Pattern Group (NASDAQ:PTRN) Stock Price Up 7.6% – Here’s What Happened

Shares of Pattern Group Inc. (NASDAQ:PTRN) shot up 7.6% on Monday . The stock traded as high as $24.48 and last traded at $24.6310. Approximately 295,237 shares changed hands during trading, a decline of 77% from the average session volume of 1,277,513 shares. The stock had previously closed at $22.90.

Wall Street Analyst Weigh In

PTRN has been the topic of several research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research report on Thursday, June 18th. Needham & Company LLC raised their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. The Goldman Sachs Group reissued a “buy” rating and set a $27.00 target price on shares of Pattern Group in a research note on Monday. Finally, Stifel Nicolaus reduced their target price on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, March 6th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Pattern Group presently has an average rating of “Moderate Buy” and a consensus target price of $21.78.

Pattern Group Trading Up 7.6%

The stock has a market cap of $3.82 billion and a price-to-earnings ratio of -13.15. The company has a fifty day simple moving average of $17.75 and a 200-day simple moving average of $14.21.

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

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

Insider Buying and Selling

In other Pattern Group news, Director Ann Mather sold 5,301 shares of Pattern Group stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $16.51, for a total transaction of $87,519.51. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 70.97% of the company’s stock.

Institutional Trading of Pattern Group

A number of hedge funds have recently modified their holdings of PTRN. Clearstead Advisors LLC boosted its position 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 worth $27,000 after buying an additional 1,636 shares during the period. Roxbury Financial LLC purchased a new stake in Pattern Group in the 1st quarter worth about $40,000. Federation des caisses Desjardins du Quebec purchased a new stake in Pattern Group in the 4th quarter worth about $58,000. PNC Financial Services Group Inc. acquired a new stake in Pattern Group during the 3rd quarter worth about $89,000. Finally, FNY Investment Advisers LLC purchased a new position in Pattern Group during the 3rd quarter valued at about $137,000.

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.