MYDA Advisors LLC Trims Stock Position in Pattern Group Inc. $PTRN

MYDA Advisors LLC lessened its holdings in shares of Pattern Group Inc. (NASDAQ:PTRN) by 77.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,000 shares of the company’s stock after selling 208,829 shares during the period. MYDA Advisors LLC’s holdings in Pattern Group were worth $692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Knox Lane LP purchased a new position in shares of Pattern Group during the fourth quarter worth $325,157,000. Norges Bank purchased a new position in shares of Pattern Group during the fourth quarter worth $25,965,000. Loomis Sayles & Co. L P increased 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 valued at $24,640,000 after buying an additional 476,122 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings 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 buying an additional 169,297 shares in the last quarter. Finally, Wasatch Advisors LP purchased a new position in Pattern Group in the fourth quarter valued at $23,144,000.

Analyst Upgrades and Downgrades

PTRN has been the subject of a number of recent analyst reports. Robert W. Baird cut their price objective on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, March 6th. Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. lifted their price objective on shares of Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Finally, Needham & Company LLC lifted their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Ten 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 company. According to data from MarketBeat.com, Pattern Group currently has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Pattern Group Stock Performance

PTRN opened at $20.96 on Monday. The company has a fifty day moving average of $16.08 and a two-hundred day moving average of $13.73. Pattern Group Inc. has a fifty-two week low of $8.92 and a fifty-two week high of $21.40. The stock has a market capitalization of $3.25 billion and a price-to-earnings ratio of -11.21.

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

Pattern Group announced that its board has approved a share repurchase program on Thursday, March 5th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 5.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Pattern Group

In other news, Director Ann Mather sold 5,301 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $16.51, for a total transaction of $87,519.51. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 70.97% of the stock is owned by corporate insiders.

Pattern Group 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.