Pattern Group (NASDAQ:PTRN) Stock Price Down 8.1% After Analyst Downgrade

Pattern Group Inc. (NASDAQ:PTRN) was down 8.1% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $21.00 to $17.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Pattern Group traded as low as $9.21 and last traded at $9.92. Approximately 681,666 shares traded hands during trading, a decline of 37% from the average daily volume of 1,083,632 shares. The stock had previously closed at $10.80.

Several other equities research analysts have also recently issued reports on PTRN. BMO Capital Markets raised their target price on shares of Pattern Group from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Evercore set a $23.00 target price on shares of Pattern Group and gave the company an “outperform” rating in a research note on Thursday, November 6th. Jefferies Financial Group set a $20.00 price target on Pattern Group in a research note on Thursday, December 11th. KeyCorp lifted their price objective on Pattern Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research report on Wednesday, December 24th. Ten 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 stock. According to data from MarketBeat.com, Pattern Group currently has an average rating of “Moderate Buy” and a consensus price target of $20.22.

Hedge Funds Weigh In On Pattern Group

A number of institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new position in Pattern Group during the third quarter valued at $168,000. Steadview Capital Management LLC purchased a new stake in Pattern Group in the third quarter worth about $5,480,000. Teacher Retirement System of Texas bought a new position in shares of Pattern Group in the third quarter worth about $2,740,000. Copia Wealth Management bought a new position in shares of Pattern Group in the third quarter worth about $294,000. Finally, Federated Hermes Inc. purchased a new position in shares of Pattern Group during the 3rd quarter valued at about $247,000.

Pattern Group Stock Down 6.2%

The company’s 50 day moving average is $12.42. The company has a market cap of $1.57 billion and a P/E ratio of -4.63.

Pattern Group (NASDAQ:PTRN) last released its 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 firm had revenue of $723.10 million for the quarter, compared to the consensus estimate of $691.35 million. The business’s revenue for the quarter was up 40.3% on a year-over-year basis.

Pattern Group announced that its Board of Directors has initiated a share buyback program on Thursday, March 5th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.