Pattern Group (NASDAQ:PTRN) Trading 7.6% Higher – Time to Buy?

Pattern Group Inc. (NASDAQ:PTRN)’s stock price was up 7.6% during trading on Monday . The stock traded as high as $24.48 and last traded at $24.6310. Approximately 295,237 shares changed hands during trading, a decline of 77% from the average session volume of 1,277,513 shares. The stock had previously closed at $22.90.

Analyst Ratings Changes

PTRN has been the topic of several recent research reports. Robert W. Baird cut their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Stifel Nicolaus cut their target price on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. The Goldman Sachs Group reissued a “buy” rating and set a $27.00 price target on shares of Pattern Group in a report on Monday. JPMorgan Chase & Co. upped their price target 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. Finally, Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.78.

Pattern Group Trading Up 7.6%

The stock has a market capitalization of $3.82 billion and a price-to-earnings ratio of -13.15. The firm has a 50-day moving average of $17.75 and a 200 day moving average of $14.21.

Pattern Group (NASDAQ:PTRN) last announced its earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate 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 previous year, the firm earned $0.17 EPS. The firm’s revenue was up 43.2% on a year-over-year basis. Equities research analysts predict that Pattern Group Inc. will post 0.56 EPS for the current fiscal year.

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

Insiders Place Their Bets

In related news, Director Ann Mather sold 5,301 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $16.51, for a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 70.97% of the stock is owned by insiders.

Institutional Trading of Pattern Group

A number of hedge funds and other institutional investors have recently made changes to their positions in PTRN. Knox Lane LP acquired a new position in shares of Pattern Group during the fourth quarter valued at approximately $325,157,000. Wasatch Advisors LP lifted its position in Pattern Group by 21.8% in the first quarter. Wasatch Advisors LP now owns 2,442,394 shares of the company’s stock worth $30,359,000 after purchasing an additional 436,870 shares during the period. Norges Bank bought a new position in Pattern Group during the 4th quarter valued at $25,965,000. Loomis Sayles & Co. L P boosted its stake in Pattern Group by 28.7% during the 4th quarter. Loomis Sayles & Co. L P now owns 2,135,163 shares of the company’s stock valued at $24,640,000 after purchasing an additional 476,122 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Pattern Group by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company’s stock valued at $25,723,000 after purchasing an additional 23,589 shares during the period.

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.