Pattern Group Inc. (NASDAQ:PTRN – Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $22.19 and last traded at $22.0760, with a volume of 530034 shares trading hands. The stock had previously closed at $21.49.
Analyst Upgrades and Downgrades
A number of analysts recently commented on PTRN shares. Wall Street Zen raised Pattern Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Stifel Nicolaus reduced their price objective on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, March 6th. JPMorgan Chase & Co. upped their price objective 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. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Pattern Group in a research report on Thursday, June 18th. Finally, Needham & Company LLC lifted their target price on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Pattern Group currently has an average rating of “Moderate Buy” and an average target price of $20.67.
View Our Latest Stock Analysis on PTRN
Pattern Group Price Performance
Pattern Group (NASDAQ:PTRN – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. The firm had revenue of $773.73 million during the quarter, compared to the consensus estimate of $715.90 million. During the same quarter last year, the company posted $0.17 EPS. Pattern Group’s revenue for the quarter was up 43.2% compared to the same quarter last year. As a group, equities analysts expect that Pattern Group Inc. will post 0.56 EPS for the current fiscal year.
Pattern Group declared that its Board of Directors has initiated a stock buyback program on Thursday, March 5th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling
In related news, Director Ann Mather sold 5,301 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $16.51, for a total transaction of $87,519.51. Following the sale, the director owned 31,509 shares of the company’s stock, valued at $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 70.97% of the stock is owned by insiders.
Institutional Trading of Pattern Group
A number of hedge funds have recently made changes to their positions in PTRN. Clearstead Advisors LLC grew its stake in shares of Pattern Group by 222.0% in the 4th 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 last quarter. Roxbury Financial LLC purchased a new position in Pattern Group during the first quarter valued at $40,000. Federation des caisses Desjardins du Quebec bought a new stake in Pattern Group in the fourth quarter worth $58,000. PNC Financial Services Group Inc. bought a new stake in Pattern Group in the third quarter worth $89,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Pattern Group in the third quarter worth $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.
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