Pattern Group (NASDAQ:PTRN) Hits New 1-Year High – Time to Buy?

Pattern Group Inc. (NASDAQ:PTRN)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $20.85 and last traded at $20.7840, with a volume of 198859 shares changing hands. The stock had previously closed at $20.41.

Wall Street Analysts Forecast Growth

PTRN has been the topic of several analyst reports. Robert W. Baird reduced their price target on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, March 6th. Wall Street Zen upgraded shares of Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Needham & Company LLC raised their target price on Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Stifel Nicolaus decreased their price target on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Pattern Group presently has an average rating of “Moderate Buy” and an average target price of $20.67.

Pattern Group Price Performance

The company has a fifty day moving average price of $15.91 and a two-hundred day moving average price of $13.68. The company has a market capitalization of $3.27 billion and a P/E ratio of -11.27.

Pattern Group (NASDAQ:PTRN) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The business had revenue of $773.73 million during the quarter, compared to the consensus estimate of $715.90 million. During the same quarter last year, the business earned $0.17 EPS. The firm’s quarterly revenue was up 43.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Pattern Group Inc. will post 0.56 earnings per share for the current year.

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

Insider Activity at Pattern Group

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 value of $87,519.51. Following the sale, the director owned 31,509 shares of the company’s stock, valued at $520,213.59. The trade was a 14.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 70.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Clearstead Advisors LLC increased its stake in shares of Pattern Group by 222.0% in 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 bought a new position in shares of Pattern Group during the first quarter worth about $40,000. Federation des caisses Desjardins du Quebec acquired a new position in shares of Pattern Group in the fourth quarter worth approximately $58,000. PNC Financial Services Group Inc. bought a new stake in Pattern Group in the third quarter valued at approximately $89,000. Finally, FNY Investment Advisers LLC bought a new stake in Pattern Group in the third quarter valued at approximately $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.