Pattern Group (NASDAQ:PTRN) Shares Up 7.6% – Still a Buy?

Pattern Group Inc. (NASDAQ:PTRN)’s stock price shot up 7.6% during trading on Thursday . The stock traded as high as $14.04 and last traded at $14.00. 454,328 shares traded hands during trading, a decline of 55% from the average session volume of 1,000,483 shares. The stock had previously closed at $13.01.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PTRN shares. Stifel Nicolaus set a $22.00 price target on Pattern Group in a research report on Thursday, November 6th. The Goldman Sachs Group began coverage on Pattern Group in a research note on Tuesday, October 14th. They set a “buy” rating and a $17.00 price objective on the stock. Robert W. Baird raised their target price on shares of Pattern Group from $18.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a report on Wednesday, December 24th. Finally, William Blair assumed coverage on shares of Pattern Group in a research note on Tuesday, October 14th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Pattern Group Stock Performance

The firm’s 50-day moving average price is $13.75. The firm has a market capitalization of $2.14 billion and a P/E ratio of -6.34.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($2.19) earnings per share for the quarter, topping the consensus estimate 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.

Hedge Funds Weigh In On Pattern Group

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its position in shares of Pattern Group by 8.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,077,956 shares of the company’s stock valued at $23,896,000 after acquiring an additional 169,297 shares during the period. Capital World Investors acquired a new position in Pattern Group in the third quarter valued at about $23,975,000. Vanguard Group Inc. bought a new stake in Pattern Group during the third quarter worth about $20,640,000. Woodline Partners LP acquired a new stake in Pattern Group during the third quarter worth about $19,678,000. Finally, Alyeska Investment Group L.P. bought a new position in Pattern Group in the 3rd quarter valued at about $15,755,000.

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.