Bank of New York Mellon Corp Takes $1.85 Million Position in Pattern Group Inc. $PTRN

Key Points

• Bank of New York Mellon acquired 73,420 shares of Pattern Group in the second quarter, a position valued at approximately $1.85 million. Other institutional investors also increased or initiated holdings.
• Pattern Group reported quarterly EPS of $0.15, exceeding the $0.12 analyst consensus, on revenue of $876.77 million. However, the company posted a negative net margin and return on equity.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $27, compared with the stock’s reported price of $19.66.

Bank of New York Mellon Corp acquired a new position in Pattern Group Inc. (NASDAQ:PTRN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 73,420 shares of the company's stock, valued at approximately $1,849,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Wasatch Advisors LP lifted its holdings in shares of Pattern Group by 28.4% in the 2nd quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company's stock valued at $78,974,000 after buying an additional 692,735 shares during the period. Weiss Asset Management LP acquired a new stake in Pattern Group during the first quarter worth about $3,212,000. Knox Lane LP purchased a new position in Pattern Group during the fourth quarter valued at approximately $325,157,000. Sylebra Capital LLC acquired a new position in Pattern Group in the first quarter valued at approximately $1,971,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Pattern Group by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company's stock valued at $25,723,000 after acquiring an additional 23,589 shares during the period.

Pattern Group Price Performance

PTRN stock opened at $19.66 on Wednesday. The business has a 50 day simple moving average of $23.67 and a 200-day simple moving average of $18.23. The firm has a market capitalization of $3.06 billion and a PE ratio of -11.43. Pattern Group Inc. has a 1 year low of $8.92 and a 1 year high of $29.80.

Pattern Group (NASDAQ:PTRN - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.15 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. Pattern Group had a negative return on equity of 318.79% and a negative net margin of 4.57%.The firm had revenue of $876.77 million for the quarter. On average, equities research analysts expect that Pattern Group Inc. will post 0.63 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. KeyCorp lifted their target price on shares of Pattern Group from $20.00 to $30.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. The Goldman Sachs Group restated a "buy" rating and set a $31.00 price target on shares of Pattern Group in a research report on Thursday, August 6th. Jefferies Financial Group cut shares of Pattern Group from a "buy" rating to a "hold" rating and lifted their price objective for the company from $21.00 to $30.00 in a report on Tuesday, July 14th. BMO Capital Markets reiterated an "outperform" rating and issued a $28.00 price objective on shares of Pattern Group in a research report on Thursday, August 6th. Finally, Robert W. Baird set a $26.00 target price on shares of Pattern Group in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.00.

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.

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