Pattern Group (NASDAQ:PTRN) Sees Unusually-High Trading Volume – What’s Next?

Shares of Pattern Group Inc. (NASDAQ:PTRN) saw an uptick in trading volume on Wednesday . 2,154,901 shares traded hands during mid-day trading, an increase of 87% from the previous session’s volume of 1,149,583 shares.The stock last traded at $19.27 and had previously closed at $19.17.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Stifel Nicolaus lowered their target price on Pattern Group from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Needham & Company LLC increased their price target on shares of Pattern Group from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. raised their price objective on shares of Pattern Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wall Street Zen raised shares of Pattern Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Pattern Group in a research note on Monday, March 23rd. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.

Pattern Group Stock Performance

The firm has a market capitalization of $3.31 billion and a P/E ratio of -11.42. The stock has a 50 day moving average of $16.70 and a 200-day moving average of $13.88.

Pattern Group (NASDAQ:PTRN) last issued its earnings results on Wednesday, May 6th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. The business had revenue of $773.73 million for the quarter, compared to the consensus estimate of $715.90 million. During the same quarter in the prior year, the business earned $0.17 EPS. Pattern Group’s revenue for the quarter was up 43.2% compared to the same quarter last year. As a group, sell-side analysts expect that Pattern Group Inc. will post 0.56 EPS for the current year.

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

Insider Activity

In related news, Director Ann Mather sold 5,301 shares of the firm’s stock in a transaction that occurred 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 sale, the director directly owned 31,509 shares of the company’s stock, valued at $520,213.59. This trade represents a 14.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 70.97% of the company’s stock.

Institutional Investors Weigh In On Pattern Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sylebra Capital LLC purchased a new stake in Pattern Group during the 1st quarter valued at $1,971,000. Weiss Asset Management LP purchased a new position in shares of Pattern Group in the first quarter valued at about $3,212,000. Public Employees Retirement System of Ohio increased its position in shares of Pattern Group by 44.8% in the first quarter. Public Employees Retirement System of Ohio now owns 118,097 shares of the company’s stock valued at $1,468,000 after acquiring an additional 36,539 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Pattern Group during the first quarter valued at about $561,000. Finally, Sei Investments Co. raised its stake in shares of Pattern Group by 43.7% during the first quarter. Sei Investments Co. now owns 102,721 shares of the company’s stock valued at $1,277,000 after acquiring an additional 31,223 shares during the last quarter.

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.