Pattern Group Inc. (NASDAQ:PTRN) Given Consensus Rating of “Moderate Buy” by Brokerages

Pattern Group Inc. (NASDAQ:PTRN) has been given an average rating of “Moderate Buy” by the twelve brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $20.2222.

A number of equities analysts have commented on PTRN shares. Jefferies Financial Group set a $20.00 target price on shares of Pattern Group in a research note on Thursday, December 11th. Robert W. Baird decreased their price objective on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, March 6th. JPMorgan Chase & Co. decreased their price target 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 reaffirmed a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $22.00 target price on shares of Pattern Group in a report on Thursday, January 15th.

Institutional Trading of Pattern Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Knox Lane LP acquired a new stake in Pattern Group during the fourth quarter valued at $325,157,000. Norges Bank acquired a new stake in shares of Pattern Group in the fourth quarter valued at about $25,965,000. Loomis Sayles & Co. L P boosted its position in Pattern Group by 28.7% during the fourth quarter. Loomis Sayles & Co. L P now owns 2,135,163 shares of the company’s stock worth $24,640,000 after acquiring an additional 476,122 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Pattern Group by 8.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,077,956 shares of the company’s stock worth $23,896,000 after acquiring an additional 169,297 shares during the last quarter. Finally, Wasatch Advisors LP acquired a new position in Pattern Group during the fourth quarter worth about $23,144,000.

Pattern Group Price Performance

Pattern Group stock opened at $12.42 on Tuesday. The stock has a market cap of $1.93 billion and a price-to-earnings ratio of -6.12. The stock has a 50-day moving average price of $11.82. Pattern Group has a 1-year low of $8.92 and a 1-year high of $20.10.

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

Pattern Group declared that its Board of Directors has initiated a stock buyback program on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 5.6% of its shares through open market purchases. Shares buyback programs are usually 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.