Insider Selling: Pattern Group (NASDAQ:PTRN) Director Sells 5,301 Shares of Stock

Pattern Group Inc. (NASDAQ:PTRN) Director Ann Mather sold 5,301 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $16.51, for a total transaction of $87,519.51. Following the transaction, the director owned 31,509 shares in the company, valued at $520,213.59. The trade was a 14.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Pattern Group Trading Up 6.4%

Pattern Group stock traded up $1.06 during mid-day trading on Monday, reaching $17.57. 2,723,974 shares of the company traded hands, compared to its average volume of 1,165,173. Pattern Group Inc. has a fifty-two week low of $8.92 and a fifty-two week high of $20.10. The firm’s fifty day moving average is $13.18 and its two-hundred day moving average is $13.39.

Pattern Group (NASDAQ:PTRN) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. The business had revenue of $773.73 million during the quarter, compared to analyst estimates of $715.90 million. The firm’s revenue was up 43.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.17 EPS. Analysts predict that Pattern Group Inc. will post 0.56 EPS for the current year.

Pattern Group announced that its board has authorized a share buyback program on Thursday, March 5th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

PTRN has been the topic of a number of research reports. Stifel Nicolaus cut their price objective on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research note on Monday, March 23rd. Wall Street Zen upgraded shares of Pattern Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. increased their price objective on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC increased their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Pattern Group has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.

Institutional Trading of Pattern Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clearstead Advisors LLC grew its position in Pattern Group by 222.0% during the fourth 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 during the period. Roxbury Financial LLC purchased a new position in Pattern Group during the first quarter valued at $40,000. Federation des caisses Desjardins du Quebec purchased a new position in Pattern Group during the fourth quarter valued at $58,000. PNC Financial Services Group Inc. purchased a new position in Pattern Group during the third quarter valued at $89,000. Finally, FNY Investment Advisers LLC purchased a new position in Pattern Group during the third quarter valued at $137,000.

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.