Pattern Group Inc.’s Lock-Up Period Will End on March 18th (NASDAQ:PTRN)

Pattern Group’s (NASDAQ:PTRN) lock-up period is set to end on Wednesday, March 18th. Pattern Group had issued 21,428,572 shares in its public offering on September 19th. The total size of the offering was $300,000,008 based on an initial share price of $14.00. After the expiration of Pattern Group’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

Analyst Ratings Changes

PTRN has been the topic of several analyst reports. Jefferies Financial Group set a $20.00 price target on shares of Pattern Group in a report on Thursday, December 11th. JPMorgan Chase & Co. dropped their target price on shares of Pattern Group from $21.00 to $17.00 and set an “overweight” rating on the stock in a research 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Pattern Group in a report on Thursday, January 15th. Finally, Robert W. Baird decreased their price target on 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 assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Pattern Group has an average rating of “Moderate Buy” and an average target price of $20.22.

Pattern Group Trading Up 9.7%

PTRN opened at $11.11 on Wednesday. Pattern Group has a twelve month low of $8.92 and a twelve month high of $20.10. The company has a 50-day moving average of $12.40. The stock has a market capitalization of $1.72 billion and a PE ratio of -5.07.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings results on Thursday, March 5th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. The company had revenue of $723.10 million during the quarter, compared to the consensus estimate of $691.35 million. The firm’s revenue was up 40.3% on a year-over-year basis.

Pattern Group declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 5th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 5.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Clearstead Advisors LLC grew its stake in shares of Pattern Group by 222.0% during the 4th quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock worth $27,000 after acquiring an additional 1,636 shares during the period. Federation des caisses Desjardins du Quebec bought a new stake in Pattern Group in the 4th quarter valued at about $58,000. PNC Financial Services Group Inc. purchased a new stake in Pattern Group during the third quarter valued at about $89,000. FNY Investment Advisers LLC bought a new position in Pattern Group during the third quarter worth about $137,000. Finally, Susquehanna International Group LLP bought a new position in Pattern Group during the third quarter worth about $137,000.

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.