Pattern Group (NASDAQ:PTRN) Shares Up 8.7% – Time to Buy?

Shares of Pattern Group Inc. (NASDAQ:PTRN) shot up 8.7% on Tuesday . The stock traded as high as $11.35 and last traded at $11.0070. 873,823 shares traded hands during trading, a decline of 22% from the average session volume of 1,126,889 shares. The stock had previously closed at $10.13.

Wall Street Analyst Weigh In

PTRN has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Pattern Group in a research note on Thursday, January 15th. Robert W. Baird decreased their price objective on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday. JPMorgan Chase & Co. dropped their target price on shares of Pattern Group from $21.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday. Stifel Nicolaus cut their target price on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday. Finally, Jefferies Financial Group set a $20.00 price target on shares of Pattern Group in a research report on Thursday, December 11th. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.22.

Pattern Group Stock Performance

The firm has a market capitalization of $1.73 billion and a P/E ratio of -5.12. The business has a 50 day simple moving average of $12.42.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings results on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.04. The business had revenue of $723.10 million during the quarter, compared to analysts’ expectations of $691.35 million. Pattern Group’s quarterly revenue was up 40.3% compared to the same quarter last year.

Pattern Group announced that its board has approved a share buyback plan on Thursday, March 5th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 5.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas acquired a new stake in shares of Pattern Group in the third quarter valued at approximately $2,740,000. Monashee Investment Management LLC acquired a new position in Pattern Group during the third quarter worth $2,055,000. Westfield Capital Management Co. LP purchased a new stake in Pattern Group in the 3rd quarter valued at $15,562,000. Steadview Capital Management LLC acquired a new stake in shares of Pattern Group in the 3rd quarter worth $5,480,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Pattern Group in the 3rd quarter worth $168,000.

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.