Knox Lane LP Makes New $325.16 Million Investment in Pattern Group Inc. $PTRN

Knox Lane LP acquired a new position in Pattern Group Inc. (NASDAQ:PTRN) during the fourth quarter, Holdings Channel.com reports. The firm acquired 28,176,542 shares of the company’s stock, valued at approximately $325,157,000. Pattern Group makes up approximately 100.0% of Knox Lane LP’s portfolio, making the stock its biggest position. Knox Lane LP owned approximately 0.18% of Pattern Group as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in PTRN. PNC Financial Services Group Inc. acquired a new position in Pattern Group in the 3rd quarter worth $89,000. Vanguard Group Inc. acquired a new position in Pattern Group in the 3rd quarter worth $20,640,000. Greenland Capital Management LP acquired a new position in Pattern Group in the 3rd quarter worth $174,000. Westfield Capital Management Co. LP acquired a new position in Pattern Group in the 3rd quarter worth $15,562,000. Finally, Monashee Investment Management LLC bought a new stake in shares of Pattern Group in the 3rd quarter worth about $2,055,000.

Pattern Group Stock Performance

PTRN opened at $20.96 on Friday. The company has a 50-day moving average of $16.08 and a 200-day moving average of $13.74. The company has a market capitalization of $3.25 billion and a P/E ratio of -11.21. Pattern Group Inc. has a 1-year low of $8.92 and a 1-year high of $21.40.

Pattern Group (NASDAQ:PTRN) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The business had revenue of $773.73 million for the quarter, compared to the consensus estimate of $715.90 million. During the same period in the prior year, the company earned $0.17 EPS. Pattern Group’s quarterly revenue was up 43.2% on a year-over-year basis. As a group, sell-side analysts expect that Pattern Group Inc. will post 0.56 earnings per share for the current fiscal year.

Pattern Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 5.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Pattern Group

In related news, Director Ann Mather sold 5,301 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $16.51, for a total transaction of $87,519.51. Following the completion of the sale, the director owned 31,509 shares of the company’s stock, valued at $520,213.59. This represents a 14.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 70.97% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PTRN shares. JPMorgan Chase & Co. boosted their target price on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Needham & Company LLC boosted their target price on shares of Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a research report on Monday, March 23rd. Finally, Robert W. Baird dropped their target price on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. 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, Pattern Group presently has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Pattern Group 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.