Pattern Group (NASDAQ:PTRN) Sees Unusually-High Trading Volume – What’s Next?

Pattern Group Inc. (NASDAQ:PTRN) shares saw unusually-strong trading volume on Wednesday . Approximately 2,154,901 shares changed hands during mid-day trading, an increase of 87% from the previous session’s volume of 1,149,583 shares.The stock last traded at $19.27 and had previously closed at $19.17.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PTRN shares. Stifel Nicolaus cut their target price on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, March 6th. Needham & Company LLC increased their target price on shares of Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. increased their target price on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Robert W. Baird cut their target price on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a research note on Monday, March 23rd. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Pattern Group presently has an average rating of “Moderate Buy” and an average target price of $20.67.

Pattern Group Price Performance

The firm has a 50-day moving average price of $16.36 and a two-hundred day moving average price of $13.80. The company has a market capitalization of $2.98 billion and a price-to-earnings ratio of -10.28.

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

Pattern Group declared that its Board of Directors has authorized a share buyback program on Thursday, March 5th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 5.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Ann Mather sold 5,301 shares of the business’s stock in a transaction 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 directly owned 31,509 shares in the company, valued at approximately $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 70.97% of the company’s stock.

Hedge Funds Weigh In On Pattern Group

A number of institutional investors have recently added to or reduced their stakes in the company. Sylebra Capital LLC acquired a new position in Pattern Group during the first quarter worth $1,971,000. Weiss Asset Management LP bought a new position in shares of Pattern Group during the 1st quarter worth approximately $3,212,000. Public Employees Retirement System of Ohio boosted its stake in shares of Pattern Group by 44.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 118,097 shares of the company’s stock worth $1,468,000 after acquiring an additional 36,539 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Pattern Group during the 1st quarter worth approximately $561,000. Finally, Sei Investments Co. boosted its stake in shares of Pattern Group by 43.7% during the 1st quarter. Sei Investments Co. now owns 102,721 shares of the company’s stock worth $1,277,000 after acquiring an additional 31,223 shares during the period.

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.