Pattern Group (NASDAQ:PTRN) Stock Price Breaks Above 200-Day Moving Average – Should You Sell?

Shares of Pattern Group Inc. (NASDAQ:PTRN – Get Free Report) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $17.56 and traded as high as $17.98. Pattern Group shares last traded at $17.68, with a volume of 1,643,520 shares traded.

Key Headlines Impacting Pattern Group

Here are the key news stories impacting Pattern Group this week:

  • Positive Sentiment: Pattern earned $0.18 per share, beating the $0.16 consensus and improving from a loss of $2.19 a year earlier. Revenue rose 38.5% year over year to $885.85 million, and the company described the quarter as a record. Zacks Q3 results
  • Positive Sentiment: Management forecast fourth-quarter revenue of $965 million to $985 million and raised its full-year outlook to about $3.5 billion. The guidance points to continued revenue growth and may support investor expectations. Q4 forecast and raised outlook
  • Negative Sentiment: KeyCorp lowered its expectations for PTRN’s stock price, a potentially bearish analyst signal. The article listing does not provide the revised target or rationale. KeyCorp outlook

Analyst Ratings Changes

PTRN has been the topic of a number of research analyst reports. Robert W. Baird set a $26.00 price target on shares of Pattern Group in a report on Thursday, August 6th. Evercore reissued an “outperform” rating and set a $29.00 price objective on shares of Pattern Group in a report on Thursday, August 6th. Jefferies Financial Group cut shares of Pattern Group from a “buy” rating to a “hold” rating and increased their price target for the company from $21.00 to $30.00 in a research report on Tuesday, July 14th. BMO Capital Markets restated an “outperform” rating and set a $28.00 price target on shares of Pattern Group in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $31.00 target price on shares of Pattern Group in a report on Thursday, August 6th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $26.44.

Check Out Our Latest Research Report on PTRN

Pattern Group Stock Up 4.5%

The firm’s 50-day moving average is $18.40 and its 200-day moving average is $17.56. The company has a market cap of $2.75 billion, a PE ratio of -10.28 and a beta of 1.29.

Pattern Group (NASDAQ:PTRN – Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $885.85 million for the quarter. Pattern Group had a negative return on equity of 318.79% and a negative net margin of 4.57%. The company’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($2.19) earnings per share. As a group, equities research analysts anticipate that Pattern Group Inc. will post 0.63 EPS for the current fiscal year.

Institutional Trading of Pattern Group

A number of hedge funds have recently made changes to their positions in PTRN. Readystate Asset Management LP increased its holdings in shares of Pattern Group by 363.9% during the second quarter. Readystate Asset Management LP now owns 212,964 shares of the company’s stock valued at $5,365,000 after acquiring an additional 167,053 shares in the last quarter. Wasatch Advisors LP grew its position in Pattern Group by 28.4% during the 2nd quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company’s stock valued at $78,974,000 after purchasing an additional 692,735 shares during the last quarter. Weiss Asset Management LP purchased a new position in Pattern Group in the first quarter worth about $3,212,000. Bank of New York Mellon Corp purchased a new position in Pattern Group in the second quarter worth about $1,849,000. Finally, Sylebra Capital LLC purchased a new stake in shares of Pattern Group during the first quarter valued at approximately $1,971,000.

About Pattern Group

(Get Free Report)

Pattern Group Inc (NASDAQ: PTRN) is an e-commerce technology and services company that helps brands grow and manage their online businesses. Its platform combines software, data, and operational services to support product distribution and sales across major digital marketplaces, retailer websites, and other e-commerce channels.

The company’s services include marketplace management, digital advertising, product content and catalog optimization, pricing and assortment strategy, fulfillment coordination, and analytics.

Further Reading

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