Pattern Group Inc.’s Quiet Period To Expire on October 29th (NASDAQ:PTRN)

Pattern Group’s (NASDAQ:PTRN) quiet period is set to expire on Wednesday, October 29th. Pattern Group had issued 21,428,572 shares in its initial public offering on September 19th. The total size of the offering was $300,000,008 based on an initial share price of $14.00. During the company’s quiet period, insiders and underwriters that worked on the IPO are prevented from issuing any research reports for the company because of SEC regulations. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Upgrades and Downgrades

PTRN has been the subject of several recent research reports. Baird R W upgraded Pattern Group to a “strong-buy” rating in a research note on Tuesday, October 14th. Jefferies Financial Group started coverage on Pattern Group in a research note on Tuesday, October 14th. They issued a “buy” rating and a $18.00 price objective for the company. Needham & Company LLC started coverage on Pattern Group in a research note on Tuesday, October 14th. They set a “buy” rating and a $18.00 target price for the company. KeyCorp started coverage on Pattern Group in a research note on Tuesday, October 14th. They set an “overweight” rating and a $18.00 target price for the company. Finally, Stifel Nicolaus started coverage on Pattern Group in a research note on Tuesday, October 14th. They set a “buy” rating and a $18.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Pattern Group presently has an average rating of “Buy” and an average target price of $18.11.

Pattern Group Stock Performance

PTRN stock opened at $16.42 on Friday. Pattern Group has a fifty-two week low of $12.00 and a fifty-two week high of $16.55.

Insider Buying and Selling

In other Pattern Group news, CEO David K. Wright sold 9,414,286 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $13.02, for a total value of $122,574,003.72. Following the completion of the sale, the chief executive officer owned 29,418,585 shares in the company, valued at approximately $383,029,976.70. The trade was a 24.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel Gay sold 1,300,000 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $13.02, for a total value of $16,926,000.00. Following the completion of the sale, the director owned 829,475 shares of the company’s stock, valued at approximately $10,799,764.50. This represents a 61.05% decrease in their position. The disclosure for this sale can be found here.

Institutional Investors Weigh In On Pattern Group

A hedge fund recently bought a new stake in Pattern Group stock. SG Americas Securities LLC acquired a new stake in Pattern Group Inc. (NASDAQ:PTRN) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 12,281 shares of the company’s stock, valued at approximately $168,000.

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.