Pattern Group (NASDAQ:PTRN) Hits New 1-Year High – Should You Buy?

Pattern Group Inc. (NASDAQ:PTRN) shares reached a new 52-week high on Thursday . The company traded as high as $21.80 and last traded at $21.5470, with a volume of 936830 shares changing hands. The stock had previously closed at $20.45.

Analysts Set New Price Targets

A number of research firms recently issued reports on PTRN. Stifel Nicolaus lowered their price objective on shares of Pattern Group from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 6th. JPMorgan Chase & Co. raised their target price on shares of Pattern Group from $17.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Needham & Company LLC boosted their target price on shares of Pattern Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Pattern Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Robert W. Baird dropped their price target on Pattern Group from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, March 6th. 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.

Pattern Group Stock Performance

The stock has a market cap of $3.31 billion and a P/E ratio of -11.42. The business has a 50-day simple moving average of $16.88 and a 200 day simple moving average of $13.94.

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

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

Insider Activity at Pattern Group

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

Hedge Funds Weigh In On Pattern Group

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