Pattern Group (NASDAQ:PTRN) Shares Down 8.1% on Analyst Downgrade

Shares of Pattern Group Inc. (NASDAQ:PTRN) traded down 8.1% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $21.00 to $17.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Pattern Group traded as low as $9.21 and last traded at $9.92. 681,666 shares traded hands during trading, a decline of 37% from the average session volume of 1,083,632 shares. The stock had previously closed at $10.80.

PTRN has been the subject of several other reports. BMO Capital Markets raised their price objective on Pattern Group from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. KeyCorp upped 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. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price target on shares of Pattern Group in a research note on Thursday, January 15th. Stifel Nicolaus lowered 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 note on Friday. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research report on Wednesday, December 24th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Pattern Group has an average rating of “Moderate Buy” and an average price target of $20.22.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clearstead Advisors LLC boosted its stake in shares of Pattern Group by 222.0% during the 4th quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock worth $27,000 after purchasing an additional 1,636 shares during the last quarter. Federation des caisses Desjardins du Quebec purchased a new position in shares of Pattern Group during the fourth quarter valued at approximately $58,000. PNC Financial Services Group Inc. acquired a new stake in Pattern Group during the third quarter worth approximately $89,000. FNY Investment Advisers LLC purchased a new stake in Pattern Group in the 3rd quarter worth approximately $137,000. Finally, Susquehanna International Group LLP acquired a new position in Pattern Group in the 3rd quarter valued at $137,000.

Pattern Group Trading Down 6.5%

The company has a fifty day simple moving average of $12.46. The firm has a market cap of $1.56 billion and a price-to-earnings ratio of -4.61.

Pattern Group (NASDAQ:PTRN) last released its earnings results on Thursday, March 5th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.12 by $0.04. The business had revenue of $723.10 million during the quarter, compared to analyst estimates of $691.35 million. The company’s quarterly revenue was up 40.3% compared to the same quarter last year.

Pattern Group declared that its Board of Directors has approved a stock repurchase program on Thursday, March 5th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.