Pattern Group (NASDAQ:PTRN) Stock Gets Price Target Increase from JPMorgan Chase & Co.

Pattern Group (NASDAQ:PTRN) had its price objective upped by investment analysts at JPMorgan Chase & Co. from $27.00 to $29.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 68.12% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Jefferies Financial Group cut Pattern Group from a “buy” rating to a “hold” rating and boosted their target price for the company from $21.00 to $30.00 in a research note on Tuesday, July 14th. Evercore reiterated an “outperform” rating and issued a $29.00 price target on shares of Pattern Group in a report on Thursday, August 6th. KeyCorp reduced their price objective on shares of Pattern Group from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday. Weiss Ratings raised shares of Pattern Group from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. Finally, Needham & Company LLC lifted their price objective on Pattern Group from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.89.

Pattern Group Stock Down 2.4%

Shares of NASDAQ:PTRN traded down $0.43 during midday trading on Thursday, hitting $17.25. 1,567,053 shares of the stock traded hands, compared to its average volume of 1,458,631. The business’s 50 day moving average is $18.40 and its two-hundred day moving average is $17.56. The stock has a market capitalization of $2.69 billion, a PE ratio of -10.03 and a beta of 1.29. Pattern Group has a one year low of $8.92 and a one year high of $29.80.

Pattern Group (NASDAQ:PTRN) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $885.85 million for the quarter. Pattern Group had a negative return on equity of 318.79% and a negative net margin of 4.57%. The firm’s revenue for the quarter was up 38.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($2.19) EPS. As a group, sell-side analysts forecast that Pattern Group will post 0.63 earnings per share for the current year.

Hedge Funds Weigh In On Pattern Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC increased its holdings in Pattern Group by 1,400.9% during the third quarter. Sterling Capital Management LLC now owns 1,711 shares of the company’s stock valued at $29,000 after buying an additional 1,597 shares during the last quarter. State of Wyoming purchased a new position in shares of Pattern Group in the third quarter worth $106,000. State of Alaska Department of Revenue purchased a new stake in shares of Pattern Group in the third quarter worth about $148,000. Arizona State Retirement System bought a new stake in Pattern Group in the second quarter worth $226,000. Finally, Corient Private Wealth LP bought a new stake in Pattern Group during the second quarter worth approximately $261,000.

Key Stories Impacting Pattern Group

Here are the key news stories impacting Pattern Group this week:

• Positive Sentiment: Q3 earnings were $0.18 per share, ahead of the $0.16 consensus and a loss of $2.19 a year earlier. Revenue rose 38.5% year over year to about $886 million. Q3 earnings and revenue beat estimates
• Positive Sentiment: Management forecast Q4 revenue of $965 million to $985 million and raised its full-year revenue outlook to about $3.5 billion, signaling continued growth. Q4 forecast and raised full-year outlook
• Positive Sentiment: Needham raised its price target to $32 from $29 and maintained a Buy rating, a bullish analyst signal. Needham price target update
• Negative Sentiment: Profitability remains a concern: the company reported a negative net margin and negative return on equity. KeyCorp also lowered its expectations for PTRN’s stock price, suggesting some analysts remain cautious. KeyCorp lowers stock price expectations

Pattern Group Company Profile

Pattern Group Inc (NASDAQ: PTRN) is an e-commerce technology and services company that helps brands grow and manage their online businesses. Its platform combines software, data, and operational services to support product distribution and sales across major digital marketplaces, retailer websites, and other e-commerce channels.

The company’s services include marketplace management, digital advertising, product content and catalog optimization, pricing and assortment strategy, fulfillment coordination, and analytics.