Hudson Bay Capital Management LP Takes $1.65 Million Position in Pattern Group Inc. $PTRN

Key Points

• Hudson Bay Capital Management bought a new stake of 120,343 shares in Pattern Group (NASDAQ:PTRN) during Q3, valued at about $1.65 million, representing roughly 0.08% ownership.
• Pattern Group reported a quarter-beating EPS of $0.16 vs. $0.12 expected and revenue of $723.1M (up 40.3% YoY), and its board authorized a $100 million buyback (up to 5.6% of shares).
• Analysts show a consensus of "Moderate Buy" with an average price target of $20.22 (10 Buys, 1 Hold, 1 Sell), while PTRN trades around $11.17 with a 1-year range of $8.92–$20.10 and a market cap near $1.73 billion.

Hudson Bay Capital Management LP purchased a new stake in shares of Pattern Group Inc. (NASDAQ:PTRN - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 120,343 shares of the company's stock, valued at approximately $1,649,000. Hudson Bay Capital Management LP owned approximately 0.08% of Pattern Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in Pattern Group during the third quarter valued at approximately $168,000. Steadview Capital Management LLC bought a new position in shares of Pattern Group during the 3rd quarter valued at approximately $5,480,000. Teacher Retirement System of Texas bought a new position in shares of Pattern Group during the 3rd quarter valued at approximately $2,740,000. Copia Wealth Management purchased a new stake in Pattern Group during the 3rd quarter valued at $294,000. Finally, Federated Hermes Inc. bought a new stake in Pattern Group in the third quarter worth $247,000.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PTRN. JPMorgan Chase & Co. cut their price objective on shares of Pattern Group from $21.00 to $17.00 and set an "overweight" rating on the stock in a research report on Friday, March 6th. Weiss Ratings reiterated a "sell (d)" rating on shares of Pattern Group in a report on Wednesday, December 24th. Needham & Company LLC reissued a "buy" rating and issued a $22.00 price objective on shares of Pattern Group in a research note on Thursday, January 15th. Jefferies Financial Group set a $20.00 target price on Pattern Group in a research report on Thursday, December 11th. Finally, Robert W. Baird reduced their price target on Pattern Group from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday, March 6th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's 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 Price Performance

PTRN stock opened at $11.17 on Monday. Pattern Group Inc. has a 1-year low of $8.92 and a 1-year high of $20.10. The company has a 50-day moving average price of $12.20. The company has a market capitalization of $1.73 billion and a P/E ratio of -5.50.

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

Pattern Group declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 5th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.

Want to see what other hedge funds are holding PTRN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pattern Group Inc. (NASDAQ:PTRN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.