Pattern Group (NASDAQ:PTRN) Reaches New 12-Month High – Here’s Why

Pattern Group Inc. (NASDAQ:PTRN) reached a new 52-week high during trading on Monday . The company traded as high as $27.15 and last traded at $27.6150, with a volume of 91637 shares changing hands. The stock had previously closed at $26.43.

Wall Street Analysts Forecast Growth

PTRN has been the subject of several recent research reports. The Goldman Sachs Group restated a “buy” rating and issued a $27.00 price target on shares of Pattern Group in a report on Monday, June 29th. Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Needham & Company LLC boosted their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. upped their target price on Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Pattern Group in a research report on Thursday, June 18th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Pattern Group presently has an average rating of “Moderate Buy” and an average price target of $21.78.

Pattern Group Stock Up 5.8%

The firm has a market capitalization of $4.34 billion and a PE ratio of -14.92. The company’s 50-day simple moving average is $18.98 and its 200 day simple moving average is $14.67.

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, topping analysts’ consensus estimates of $0.10 by $0.06. The firm had revenue of $773.73 million during the quarter, compared to analysts’ expectations of $715.90 million. The firm’s quarterly revenue was up 43.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 EPS. On average, sell-side analysts forecast that Pattern Group Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Transactions at Pattern Group

In other Pattern Group news, Director Ann Mather sold 5,301 shares of Pattern Group 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 transaction, the director directly owned 31,509 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Corporate insiders own 70.97% of the company’s stock.

Institutional Trading of Pattern Group

Institutional investors have recently made changes to their positions in the business. Knox Lane LP purchased a new position in Pattern Group during the 4th quarter worth $325,157,000. Norges Bank purchased a new stake in Pattern Group in the fourth quarter valued at about $25,965,000. Wasatch Advisors LP acquired a new stake in Pattern Group in the fourth quarter worth about $23,144,000. Capital World Investors acquired a new stake in Pattern Group in the third quarter worth about $23,975,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Pattern Group during the third quarter worth about $20,640,000.

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.