Pattern Group (NASDAQ:PTRN) Sets New 12-Month Low – Here’s Why

Pattern Group Inc. (NASDAQ:PTRN) shares hit a new 52-week low during trading on Monday . The company traded as low as $12.00 and last traded at $12.08, with a volume of 319561 shares changing hands. The stock had previously closed at $12.72.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. KeyCorp increased their target price on Pattern Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Zacks Research raised Pattern Group to a “hold” rating in a report on Wednesday, October 15th. Stifel Nicolaus set a $22.00 target price on shares of Pattern Group in a research report on Thursday, November 6th. Robert W. Baird raised their price target on shares of Pattern Group from $18.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Finally, Needham & Company LLC lifted their price objective on shares of Pattern Group from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Pattern Group Trading Down 3.6%

The business’s 50 day moving average is $15.16.

Pattern Group (NASDAQ:PTRN) last issued its earnings results on Wednesday, November 5th. The company reported ($2.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.71) by $0.52. The business had revenue of $639.66 million during the quarter, compared to analyst estimates of $570.78 million.

Insider Transactions at Pattern Group

In related news, Director Daniel Gay sold 1,300,000 shares of Pattern Group stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $13.02, for a total transaction of $16,926,000.00. Following the sale, the director directly owned 829,475 shares of the company’s stock, valued at approximately $10,799,764.50. The trade was a 61.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David K. Wright sold 9,414,286 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $13.02, for a total transaction of $122,574,003.72. Following the transaction, the chief executive officer owned 29,418,585 shares of the company’s stock, valued at approximately $383,029,976.70. This represents a 24.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Institutional Trading of Pattern Group

A number of hedge funds and other institutional investors have recently modified their holdings of PTRN. Capital World Investors acquired a new position in Pattern Group in the 3rd quarter worth about $23,975,000. Vanguard Group Inc. bought a new stake in shares of Pattern Group during the third quarter worth about $20,640,000. Woodline Partners LP acquired a new position in shares of Pattern Group in the third quarter valued at approximately $19,678,000. Alyeska Investment Group L.P. bought a new position in Pattern Group in the 3rd quarter valued at approximately $15,755,000. Finally, Westfield Capital Management Co. LP acquired a new stake in Pattern Group during the 3rd quarter worth approximately $15,562,000.

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.