Pattern Group Inc.’s (NASDAQ:PTRN) Lock-Up Period Set To End on March 18th

Pattern Group’s (NASDAQ:PTRN) lock-up period will end on Wednesday, March 18th. Pattern Group had issued 21,428,572 shares in its public offering on September 19th. The total size of the offering was $300,000,008 based on an initial share price of $14.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PTRN. JPMorgan Chase & Co. lowered their target price on shares of Pattern Group from $21.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, March 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research report on Wednesday, December 24th. Robert W. Baird lowered their price objective on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, March 6th. Stifel Nicolaus dropped 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, March 6th. Finally, Jefferies Financial Group set a $20.00 target price on shares of Pattern Group in a report on Thursday, December 11th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Pattern Group presently has an average rating of “Moderate Buy” and a consensus target price of $20.22.

Pattern Group Stock Performance

NASDAQ:PTRN opened at $11.94 on Friday. The firm has a market capitalization of $1.85 billion and a price-to-earnings ratio of -5.88. The company has a 50 day moving average of $12.43. Pattern Group has a 12-month low of $8.92 and a 12-month high of $20.10.

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

Pattern Group declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 5th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

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

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.