Pattern Group (NASDAQ:PTRN) Trading Down 5.3% – Here’s What Happened

Pattern Group Inc. (NASDAQ:PTRN) fell 5.3% on Tuesday . The company traded as low as $11.73 and last traded at $11.73. 476,771 shares traded hands during trading, a decline of 51% from the average session volume of 979,621 shares. The stock had previously closed at $12.38.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PTRN shares. William Blair started coverage on Pattern Group in a research note on Tuesday, October 14th. They set an “outperform” rating for the company. KeyCorp upped their price target on shares of Pattern Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. BMO Capital Markets raised their price objective on shares of Pattern Group from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Weiss Ratings restated a “sell (d)” rating on shares of Pattern Group in a research note on Wednesday, December 24th. Finally, Needham & Company LLC lifted their target price on Pattern Group from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

Pattern Group Stock Down 5.4%

The stock’s 50 day moving average is $14.79. The company has a market cap of $1.81 billion and a P/E ratio of -5.35.

Pattern Group (NASDAQ:PTRN) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($2.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.71) by $0.52. The company had revenue of $639.66 million for the quarter, compared to analyst estimates of $570.78 million.

Institutional Trading of Pattern Group

A number of large investors have recently modified their holdings of PTRN. Capital World Investors bought a new stake in Pattern Group in the 3rd quarter valued at about $23,975,000. Vanguard Group Inc. bought a new position in Pattern Group in the 3rd quarter worth about $20,640,000. Woodline Partners LP acquired a new stake in shares of Pattern Group in the third quarter valued at approximately $19,678,000. Alyeska Investment Group L.P. bought a new stake in shares of Pattern Group during the third quarter valued at approximately $15,755,000. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Pattern Group during the third quarter worth approximately $15,562,000.

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.