Pattern Group (NASDAQ:PTRN) Stock Falls 6.9% – Time to Sell?

Pattern Group Inc. (NASDAQ:PTRN)’s stock price fell 6.9% on Thursday. The stock traded as low as $18.04 and last traded at $18.0240. Approximately 587,818 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 1,470,025 shares. The stock had previously closed at $19.36.

Wall Street Analyst Weigh In

PTRN has been the subject of several research analyst reports. Evercore reaffirmed an “outperform” rating and set a $29.00 price target on shares of Pattern Group in a research note on Thursday, August 6th. Weiss Ratings raised Pattern Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. BMO Capital Markets restated an “outperform” rating and issued a $28.00 price objective on shares of Pattern Group in a report on Thursday, August 6th. Robert W. Baird set a $26.00 target price on Pattern Group in a research note on Thursday, August 6th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $31.00 price objective on shares of Pattern Group in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Pattern Group has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Pattern Group Stock Performance

The stock has a market capitalization of $2.65 billion and a P/E ratio of -9.90. The firm has a fifty day moving average price of $21.43 and a two-hundred day moving average price of $18.96.

Pattern Group (NASDAQ:PTRN) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $876.77 million during the quarter. Pattern Group had a negative return on equity of 318.79% and a negative net margin of 4.57%. On average, research analysts anticipate that Pattern Group Inc. will post 0.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pattern Group

A number of hedge funds have recently modified their holdings of PTRN. Knox Lane LP bought a new position in Pattern Group in the 4th quarter worth $325,157,000. Norges Bank bought a new stake in Pattern Group during the fourth quarter valued at about $25,965,000. Wasatch Advisors LP grew its holdings in Pattern Group by 28.4% during the second quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company’s stock valued at $78,974,000 after purchasing an additional 692,735 shares during the period. Weiss Asset Management LP purchased a new stake in Pattern Group in the first quarter worth about $3,212,000. Finally, Readystate Asset Management LP raised its stake in shares of Pattern Group by 363.9% in the second quarter. Readystate Asset Management LP now owns 212,964 shares of the company’s stock worth $5,365,000 after buying an additional 167,053 shares during the period.

About Pattern Group

Pattern Group Inc is an e-commerce technology and services company that helps brands grow and manage their businesses across online marketplaces and other digital retail channels. The company combines technology, data analytics and operational services to support brands throughout the e-commerce lifecycle, from marketplace strategy and product content to advertising, sales management and fulfillment.

Pattern Group’s services are designed to help consumer brands improve their digital presence, expand distribution and optimize performance on platforms such as Amazon and other major online marketplaces.