Pattern Group (NASDAQ:PTRN) Hits New 12-Month Low – Here’s Why

Pattern Group Inc. (NASDAQ:PTRN)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $8.92 and last traded at $9.59, with a volume of 1262245 shares changing hands. The stock had previously closed at $9.62.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PTRN shares. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price objective on shares of Pattern Group in a research report on Thursday, January 15th. Jefferies Financial Group set a $20.00 price target on shares of Pattern Group in a research note on Thursday, December 11th. BMO Capital Markets lifted their price objective on shares of Pattern Group from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. JPMorgan Chase & Co. upped their price objective on shares of Pattern Group from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Finally, KeyCorp raised their target price on Pattern Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.00.

Pattern Group Price Performance

The firm has a fifty day simple moving average of $12.56. The stock has a market capitalization of $1.48 billion and a price-to-earnings ratio of -4.38.

Hedge Funds Weigh In On Pattern Group

Several large investors have recently made changes to their positions in the business. Knox Lane LP bought a new position in Pattern Group in the 4th quarter worth approximately $325,157,000. Norges Bank acquired a new stake in shares of Pattern Group in the fourth quarter worth $25,965,000. Wasatch Advisors LP bought a new position in Pattern Group during the fourth quarter worth $23,144,000. Capital World Investors bought a new stake in Pattern Group in the 3rd quarter valued at $23,975,000. Finally, Vanguard Group Inc. acquired a new stake in Pattern Group in the 3rd quarter worth $20,640,000.

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.