Altimeter Capital Management LP Buys Shares of 721,430 Pattern Group Inc. $PTRN

Key Points

• Altimeter Capital bought a new stake of 721,430 shares of Pattern Group (NASDAQ:PTRN) in Q3 worth about $9.88 million, equal to roughly 0.47% of the company and making it Altimeter's 21st largest holding.
• Pattern Group beat estimates with $0.16 EPS versus $0.12 expected and $723.1M in revenue (up 40.3% year-over-year), and its board authorized a $100 million share buyback (up to 5.6% of shares outstanding).
• Shares trade near $11.35 with a 52-week range of $8.92–$20.10 and a $1.76 billion market cap, and analysts have a consensus "Moderate Buy" rating with an average price target of $20.22.

Altimeter Capital Management LP bought a new stake in shares of Pattern Group Inc. (NASDAQ:PTRN - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 721,430 shares of the company's stock, valued at approximately $9,884,000. Pattern Group accounts for about 0.1% of Altimeter Capital Management LP's portfolio, making the stock its 21st largest holding. Altimeter Capital Management LP owned about 0.47% of Pattern Group at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. PNC Financial Services Group Inc. bought a new stake in shares of Pattern Group in the 3rd quarter worth approximately $89,000. SG Americas Securities LLC purchased a new stake in Pattern Group in the third quarter worth $168,000. Greenland Capital Management LP purchased a new stake in Pattern Group in the third quarter worth $174,000. Two Sigma Investments LP bought a new stake in shares of Pattern Group in the third quarter valued at $240,000. Finally, Federated Hermes Inc. bought a new stake in shares of Pattern Group in the third quarter valued at $247,000.

Pattern Group Price Performance

Shares of PTRN opened at $11.35 on Friday. Pattern Group Inc. has a 52-week low of $8.92 and a 52-week high of $20.10. The business's 50-day moving average is $12.43. The stock has a market cap of $1.76 billion and a PE ratio of -5.59.

Pattern Group (NASDAQ:PTRN - Get Free Report) last announced its quarterly earnings results on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.04. The company had revenue of $723.10 million for the quarter, compared to the consensus estimate of $691.35 million. The company's revenue was up 40.3% compared to the same quarter last year.

Pattern Group announced that its board has initiated a stock 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 repurchase 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 subject of several research reports. Robert W. Baird cut 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. Needham & Company LLC restated a "buy" rating and issued a $22.00 price objective on shares of Pattern Group in a research note on Thursday, January 15th. JPMorgan Chase & Co. cut their target price on shares of Pattern Group from $21.00 to $17.00 and set an "overweight" rating for the company in a research report on Friday, March 6th. Weiss Ratings reiterated a "sell (d)" rating on shares of Pattern Group in a research note on Wednesday, December 24th. Finally, Stifel Nicolaus lowered their price target on shares of Pattern Group from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Friday, March 6th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.22.

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.

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