Readystate Asset Management LP increased its holdings in Pattern Group Inc. (NASDAQ:PTRN – Free Report) by 363.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 212,964 shares of the company’s stock after purchasing an additional 167,053 shares during the quarter. Readystate Asset Management LP’s holdings in Pattern Group were worth $5,365,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Knox Lane LP bought a new position in shares of Pattern Group in the fourth quarter valued at $325,157,000. Norges Bank acquired a new stake in shares of Pattern Group during the 4th quarter valued at $25,965,000. Wasatch Advisors LP bought a new stake in shares of Pattern Group during the 4th quarter worth $23,144,000. Vanguard Group Inc. acquired a new position in shares of Pattern Group in the 3rd quarter worth $20,640,000. Finally, Woodline Partners LP acquired a new position in shares of Pattern Group in the 3rd quarter worth $19,678,000.
Wall Street Analyst Weigh In
PTRN has been the subject of several analyst reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $28.00 target price on shares of Pattern Group in a report on Thursday, August 6th. Robert W. Baird set a $26.00 price objective on Pattern Group in a report on Thursday, August 6th. Needham & Company LLC upped their price objective on shares of Pattern Group from $24.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. The Goldman Sachs Group reiterated a “buy” rating and issued a $31.00 target price on shares of Pattern Group in a report on Thursday, August 6th. Finally, Jefferies Financial Group lowered shares of Pattern Group from a “buy” rating to a “hold” rating and boosted their price target for the company from $21.00 to $30.00 in a report on Tuesday, July 14th. Nine equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Pattern Group has an average rating of “Moderate Buy” and an average price target of $27.00.
Pattern Group Stock Performance
Shares of PTRN stock opened at $20.20 on Monday. The company has a market capitalization of $3.15 billion and a price-to-earnings ratio of -11.74. Pattern Group Inc. has a 1-year low of $8.92 and a 1-year high of $29.80. The stock’s fifty day simple moving average is $23.87 and its 200-day simple moving average is $18.10.
Pattern Group (NASDAQ:PTRN – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. Pattern Group had a negative return on equity of 318.79% and a negative net margin of 4.57%.The firm had revenue of $876.77 million during the quarter. On average, sell-side analysts predict that Pattern Group Inc. will post 0.63 EPS for the current year.
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.
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