Pattern Group (NASDAQ:PTRN) Stock Price Down 4.3% – What’s Next?

Pattern Group Inc. (NASDAQ:PTRN)’s stock price was down 4.3% during trading on Thursday . The stock traded as low as $14.15 and last traded at $14.69. Approximately 631,500 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 986,525 shares. The stock had previously closed at $15.35.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Stifel Nicolaus set a $22.00 price objective on Pattern Group in a research report on Thursday, November 6th. Jefferies Financial Group began coverage on shares of Pattern Group in a report on Tuesday, October 14th. They set a “buy” rating and a $18.00 price objective on the stock. Robert W. Baird increased their target price on shares of Pattern Group from $18.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Baird R W upgraded shares of Pattern Group to a “strong-buy” rating in a research note on Tuesday, October 14th. Finally, Needham & Company LLC upped their price objective on shares of Pattern Group from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $20.78.

Pattern Group Price Performance

The business has a 50-day moving average of $15.50.

Pattern Group (NASDAQ:PTRN) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($2.19) EPS for the quarter, topping analysts’ consensus estimates of ($2.71) by $0.52. The company had revenue of $639.66 million for the quarter, compared to analysts’ expectations of $570.78 million.

Insider Buying and Selling at Pattern Group

In other news, CEO David K. Wright sold 9,414,286 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $13.02, for a total transaction of $122,574,003.72. Following the completion of the sale, the chief executive officer owned 29,418,585 shares of the company’s stock, valued at approximately $383,029,976.70. This trade represents a 24.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel Gay sold 1,300,000 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $13.02, for a total transaction of $16,926,000.00. Following the transaction, the director directly owned 829,475 shares of the company’s stock, valued at approximately $10,799,764.50. This represents a 61.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Institutional Investors Weigh In On Pattern Group

Large investors have recently made changes to their positions in the company. Capital World Investors purchased a new stake in shares of Pattern Group in the third quarter worth approximately $23,975,000. Vanguard Group Inc. purchased a new position in shares of Pattern Group during the 3rd quarter valued at $20,640,000. Woodline Partners LP acquired a new position in shares of Pattern Group in the third quarter worth $19,678,000. Alyeska Investment Group L.P. acquired a new stake in Pattern Group in the third quarter valued at approximately $15,755,000. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Pattern Group during the 3rd quarter worth about $15,562,000.

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.