Pattern Group (NASDAQ:PTRN) Shares Down 6.3% – Here’s Why

Pattern Group Inc. (NASDAQ:PTRN)’s stock price traded down 6.3% during mid-day trading on Thursday . The company traded as low as $12.71 and last traded at $12.7790. 216,124 shares traded hands during trading, a decline of 77% from the average session volume of 942,823 shares. The stock had previously closed at $13.64.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Stifel Nicolaus lowered their target price on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, March 6th. JPMorgan Chase & Co. decreased their price target on Pattern Group from $21.00 to $17.00 and set an “overweight” rating for the company in a research report on Friday, March 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research report on Monday, March 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of Pattern Group in a research report on Thursday, January 15th. Finally, Robert W. Baird decreased their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.22.

Pattern Group Trading Down 3.0%

The firm has a market cap of $2.05 billion and a price-to-earnings ratio of -6.45. The stock has a 50-day moving average of $12.05 and a two-hundred day moving average of $13.33.

Pattern Group (NASDAQ:PTRN) last released its earnings results on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.04. The business had revenue of $723.10 million for the quarter, compared to analysts’ expectations of $691.35 million. The firm’s revenue was up 40.3% on a year-over-year basis. Sell-side analysts expect that Pattern Group Inc. will post 0.46 EPS for the current fiscal year.

Pattern Group declared that its board has authorized a stock buyback plan on Thursday, March 5th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PTRN. Clearstead Advisors LLC grew its holdings in shares of Pattern Group by 222.0% during the 4th quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock valued at $27,000 after acquiring an additional 1,636 shares in the last quarter. Roxbury Financial LLC purchased a new position in shares of Pattern Group during the 1st quarter valued at $40,000. Barclays PLC lifted its holdings in shares of Pattern Group by 25.2% during the 4th quarter. Barclays PLC now owns 16,652 shares of the company’s stock valued at $192,000 after buying an additional 3,352 shares during the last quarter. Federation des caisses Desjardins du Quebec acquired a new stake in shares of Pattern Group during the 4th quarter valued at about $58,000. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Pattern Group during the 3rd quarter valued at about $89,000.

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.