Brokerages Set Pattern Group Inc. (NASDAQ:PTRN) PT at $20.22

Shares of Pattern Group Inc. (NASDAQ:PTRN) have received an average recommendation of “Moderate Buy” from the twelve analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $20.2222.

A number of research firms have recently weighed in on PTRN. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Pattern Group in a research report on Thursday, January 15th. Jefferies Financial Group set a $20.00 price target on Pattern Group in a research report on Thursday, December 11th. JPMorgan Chase & Co. cut their target price on shares of Pattern Group from $21.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, March 6th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research note on Wednesday, December 24th. Finally, Robert W. Baird cut their price target on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, March 6th.

Hedge Funds Weigh In On Pattern Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Clearstead Advisors LLC grew its holdings in Pattern Group by 222.0% in the 4th quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock valued at $27,000 after buying an additional 1,636 shares in the last quarter. Federation des caisses Desjardins du Quebec acquired a new stake in shares of Pattern Group during the 4th quarter worth approximately $58,000. PNC Financial Services Group Inc. purchased a new stake in shares of Pattern Group during the 3rd quarter valued at approximately $89,000. FNY Investment Advisers LLC acquired a new position in Pattern Group in the third quarter valued at approximately $137,000. Finally, Susquehanna International Group LLP acquired a new position in Pattern Group in the third quarter valued at approximately $137,000.

Pattern Group Trading Down 4.9%

NASDAQ:PTRN opened at $11.35 on Friday. Pattern Group has a 1-year low of $8.92 and a 1-year high of $20.10. The business has a 50-day simple moving average of $12.43. The stock has a market capitalization of $1.76 billion and a price-to-earnings ratio of -5.59.

Pattern Group (NASDAQ:PTRN) last announced its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.04. The company had revenue of $723.10 million for 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 announced that its Board of Directors has approved a stock buyback program 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are 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.