Pattern Group Inc. (NASDAQ:PTRN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Pattern Group Inc. (NASDAQ:PTRN) have received an average recommendation of “Moderate Buy” from the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $22.8889.

A number of research firms have recently issued reports on PTRN. The Goldman Sachs Group reissued a “buy” rating and issued a $27.00 price target on shares of Pattern Group in a research report on Monday, June 29th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Pattern Group in a research note on Thursday, June 18th. JPMorgan Chase & Co. boosted their price target on Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Jefferies Financial Group downgraded shares of Pattern Group from a “buy” rating to a “hold” rating and raised their price target for the company from $21.00 to $30.00 in a report on Tuesday. Finally, Wall Street Zen upgraded Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th.

Pattern Group Price Performance

Pattern Group stock opened at $29.18 on Thursday. The company has a market cap of $4.53 billion and a PE ratio of -15.60. Pattern Group has a 1-year low of $8.92 and a 1-year high of $29.63. The stock’s 50 day moving average price is $21.36 and its 200 day moving average price is $15.62.

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

Insider Activity

In other Pattern Group news, Director Ann Mather sold 5,301 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $16.51, for a total transaction of $87,519.51. Following the completion of the transaction, the director owned 31,509 shares in the company, valued at approximately $520,213.59. This represents a 14.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 70.97% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pattern Group

A number of hedge funds and other institutional investors have recently made changes to their positions in PTRN. Wasatch Advisors LP raised its stake in shares of Pattern Group by 28.4% during the 2nd quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company’s stock worth $78,974,000 after purchasing an additional 692,735 shares during the period. Sylebra Capital LLC bought a new position in shares of Pattern Group during the 1st quarter valued at about $1,971,000. Weiss Asset Management LP purchased a new position in shares of Pattern Group in the first quarter worth about $3,212,000. Public Employees Retirement System of Ohio raised its holdings in Pattern Group by 44.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 118,097 shares of the company’s stock valued at $1,468,000 after buying an additional 36,539 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Pattern Group in the first quarter worth $561,000.

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.