Pattern Group (NASDAQ:PTRN) Stock Gets Price Target Reduction from KeyCorp

Pattern Group (NASDAQ:PTRN) had its price objective cut by KeyCorp from $30.00 to $25.00 in a report published on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts also recently issued research reports about the company. BMO Capital Markets reiterated an “outperform” rating and set a $28.00 price target on shares of Pattern Group in a report on Thursday, August 6th. Weiss Ratings raised Pattern Group from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 11th. The Goldman Sachs Group reissued a “buy” rating and issued a $31.00 price objective on shares of Pattern Group in a research note on Thursday, August 6th. Jefferies Financial Group lowered Pattern Group from a “buy” rating to a “hold” rating and raised their price objective for the stock from $21.00 to $30.00 in a research report on Tuesday, July 14th. Finally, Evercore reaffirmed an “outperform” rating and set a $29.00 target price on shares of Pattern Group in a research note on Thursday, August 6th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $26.44.

Pattern Group Stock Performance

Pattern Group stock opened at $17.68 on Monday. The company has a 50 day moving average price of $18.40 and a 200 day moving average price of $17.56. Pattern Group has a 52 week low of $8.92 and a 52 week high of $29.80. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of -10.28 and a beta of 1.29.

Pattern Group (NASDAQ:PTRN) last announced its earnings results on Wednesday, November 4th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.02. The company had revenue of $885.85 million for the quarter. Pattern Group had a negative net margin of 4.57% and a negative return on equity of 318.79%. Pattern Group’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same period last year, the firm earned ($2.19) earnings per share. Equities analysts forecast that Pattern Group will post 0.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pattern Group

A number of institutional investors have recently modified their holdings of the stock. Readystate Asset Management LP increased its stake in shares of Pattern Group by 363.9% in the second quarter. Readystate Asset Management LP now owns 212,964 shares of the company’s stock worth $5,365,000 after acquiring an additional 167,053 shares during the last quarter. Wasatch Advisors LP raised its holdings in shares of Pattern Group by 28.4% during the second quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company’s stock worth $78,974,000 after acquiring an additional 692,735 shares in the last quarter. Weiss Asset Management LP purchased a new stake in shares of Pattern Group during the first quarter worth $3,212,000. Bank of New York Mellon Corp purchased a new stake in shares of Pattern Group during the second quarter worth $1,849,000. Finally, Sylebra Capital LLC acquired a new stake in Pattern Group during the first quarter valued at $1,971,000.

Key Headlines Impacting Pattern Group

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

• Positive Sentiment: Pattern earned $0.18 per share, beating the $0.16 consensus and improving from a loss of $2.19 a year earlier. Revenue rose 38.5% year over year to $885.85 million, and the company described the quarter as a record. Zacks Q3 results
• Positive Sentiment: Management forecast fourth-quarter revenue of $965 million to $985 million and raised its full-year outlook to about $3.5 billion. The guidance points to continued revenue growth and may support investor expectations. Q4 forecast and raised outlook
• Negative Sentiment: KeyCorp lowered its expectations for PTRN’s stock price, a potentially bearish analyst signal. The article listing does not provide the revised target or rationale. KeyCorp outlook

About Pattern Group

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.