Pattern Group (NASDAQ:PTRN) Sets New 52-Week Low – Here’s Why

Shares of Pattern Group Inc. (NASDAQ:PTRN) hit a new 52-week low on Thursday . The stock traded as low as $10.25 and last traded at $10.16, with a volume of 32162 shares trading hands. The stock had previously closed at $10.48.

Wall Street Analysts Forecast Growth

PTRN has been the topic of several analyst reports. Evercore set a $23.00 price target on shares of Pattern Group and gave the stock an “outperform” rating in a research note on Thursday, November 6th. BMO Capital Markets lifted their target price on Pattern Group from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Jefferies Financial Group set a $20.00 price target on Pattern Group in a research note on Thursday, December 11th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research note on Wednesday, December 24th. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Pattern Group in a report on Thursday, January 15th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $21.00.

Pattern Group Trading Down 4.2%

The stock has a market cap of $1.60 billion and a P/E ratio of -4.72. The company has a 50-day moving average of $12.65.

Institutional Trading of Pattern Group

Institutional investors and hedge funds have recently modified their holdings of the business. Knox Lane LP bought a new position in shares of Pattern Group in the 4th quarter worth about $325,157,000. Norges Bank acquired a new stake in Pattern Group during the fourth quarter worth about $25,965,000. Loomis Sayles & Co. L P lifted its holdings in Pattern Group by 28.7% in the fourth quarter. Loomis Sayles & Co. L P now owns 2,135,163 shares of the company’s stock worth $24,640,000 after acquiring an additional 476,122 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Pattern Group by 8.9% in the fourth 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. Finally, Wasatch Advisors LP acquired a new position in Pattern Group in the fourth quarter valued at approximately $23,144,000.

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.