Pattern Group (NASDAQ:PTRN) Board Approves Share Repurchase Program

Pattern Group (NASDAQ:PTRN) declared that its board has approved a share repurchase program on Thursday, March 5th, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PTRN. KeyCorp lifted their price target on Pattern Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Robert W. Baird raised their price objective on shares of Pattern Group from $18.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Pattern Group in a research note on Thursday, January 15th. Jefferies Financial Group set a $20.00 price target on shares of Pattern Group in a research note on Thursday, December 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of Pattern Group from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.00.

Pattern Group Price Performance

PTRN traded up $0.20 during trading on Thursday, reaching $11.68. 1,233,011 shares of the company’s stock were exchanged, compared to its average volume of 835,536. The firm has a fifty day moving average of $12.48. The firm has a market cap of $1.80 billion and a price-to-earnings ratio of -5.33. Pattern Group has a fifty-two week low of $8.92 and a fifty-two week high of $20.10.

Pattern Group (NASDAQ:PTRN) last posted its quarterly earnings results on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.04. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis.

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.