Pattern Group (NASDAQ:PTRN) Stock Price Up 7.4% – Still a Buy?

Pattern Group Inc. (NASDAQ:PTRN)’s stock price shot up 7.4% on Monday . The company traded as high as $17.68 and last traded at $17.7250. 1,492,094 shares were traded during trading, an increase of 44% from the average session volume of 1,037,331 shares. The stock had previously closed at $16.51.

Analyst Upgrades and Downgrades

PTRN has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research report on Monday, March 23rd. Robert W. Baird reduced their price target 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. JPMorgan Chase & Co. lifted their price objective on Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wall Street Zen upgraded Pattern Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Stifel Nicolaus reduced their target price on Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, March 6th. Ten 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Pattern Group Price Performance

The stock’s fifty day moving average price is $13.06 and its 200-day moving average price is $13.39. The firm has a market cap of $2.72 billion and a PE ratio of -9.37.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. The business had revenue of $773.73 million for the quarter, compared to analyst estimates of $715.90 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. The business’s revenue was up 43.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Pattern Group Inc. will post 0.56 earnings per share for the current fiscal year.

Pattern Group announced that its board has approved a stock repurchase plan on Thursday, March 5th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 5.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Pattern Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Teacher Retirement System of Texas acquired a new position in shares of Pattern Group during the 3rd quarter valued at about $2,740,000. Hudson Bay Capital Management LP acquired a new stake in Pattern Group during the third quarter worth about $1,649,000. Capelight Capital Asset Management LP purchased a new position in Pattern Group during the fourth quarter worth about $923,000. Monashee Investment Management LLC acquired a new position in Pattern Group in the 3rd quarter valued at about $2,055,000. Finally, Dragoneer Investment Group LLC acquired a new position in Pattern Group in the 3rd quarter valued at about $6,709,000.

Pattern Group Company 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.