Knox Lane LP Purchases Shares of 28,176,542 Pattern Group Inc. $PTRN

Knox Lane LP purchased a new stake in Pattern Group Inc. (NASDAQ:PTRN) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 28,176,542 shares of the company’s stock, valued at approximately $325,157,000. Pattern Group comprises 100.0% of Knox Lane LP’s investment portfolio, making the stock its biggest position. Knox Lane LP owned about 18.23% of Pattern Group at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Clearstead Advisors LLC boosted its holdings in shares of Pattern Group by 222.0% in the 4th quarter. Clearstead Advisors LLC now owns 2,373 shares of the company’s stock valued at $27,000 after purchasing an additional 1,636 shares during the last quarter. Federation des caisses Desjardins du Quebec acquired a new position in shares of Pattern Group in the 4th quarter valued at $58,000. PNC Financial Services Group Inc. acquired a new position in shares of Pattern Group in the 3rd quarter valued at $89,000. FNY Investment Advisers LLC acquired a new position in shares of Pattern Group in the 3rd quarter valued at $137,000. Finally, Susquehanna International Group LLP acquired a new position in shares of Pattern Group in the 3rd quarter valued at $137,000.

Insider Buying and Selling

In other Pattern Group news, Director Ann Mather sold 5,301 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $16.51, for a total value of $87,519.51. Following the transaction, the director owned 31,509 shares in the company, valued at $520,213.59. The trade was a 14.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 70.97% of the stock is owned by corporate insiders.

Pattern Group Trading Down 0.6%

NASDAQ:PTRN opened at $20.96 on Friday. The firm has a market capitalization of $3.25 billion and a price-to-earnings ratio of -11.21. The firm’s fifty day simple moving average is $16.08 and its 200 day simple moving average is $13.74. Pattern Group Inc. has a twelve month low of $8.92 and a twelve month high of $21.40.

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

Pattern Group declared that its Board of Directors has approved a share repurchase program on Thursday, March 5th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

PTRN has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a report on Monday, March 23rd. Wall Street Zen upgraded shares of Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. lifted their price target on shares of Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Robert W. Baird decreased their price target on shares of Pattern Group from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, March 6th. Finally, Needham & Company LLC lifted their target price on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.67.

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.