Pattern Group Inc. $PTRN Stake Boosted by Readystate Asset Management LP

Key Points

• Readystate Asset Management increased its Pattern Group stake by 363.9% in the second quarter, ending with 212,964 shares valued at approximately $5.4 million. Other institutional investors, including Wasatch Advisors, also expanded their positions.
• Analyst sentiment remains broadly positive, with nine Buy ratings, two Holds, and one Sell rating. Pattern Group has a consensus rating of “Moderate Buy” and an average price target of $27.
• Pattern Group exceeded quarterly earnings expectations, reporting $0.15 in EPS versus the $0.12 consensus estimate and $876.77 million in revenue. However, the company posted a negative net margin of 4.57% and negative return on equity.

Readystate Asset Management LP increased its stake in Pattern Group Inc. (NASDAQ:PTRN - Free Report) by 363.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 212,964 shares of the company's stock after purchasing an additional 167,053 shares during the period. Readystate Asset Management LP owned 0.14% of Pattern Group worth $5,365,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Wasatch Advisors LP grew its position in shares of Pattern Group by 28.4% during the second quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company's stock worth $78,974,000 after acquiring an additional 692,735 shares during the last quarter. Weiss Asset Management LP bought a new stake in Pattern Group in the 1st quarter valued at about $3,212,000. Knox Lane LP acquired a new position in Pattern Group during the 4th quarter valued at about $325,157,000. Sylebra Capital LLC acquired a new position in Pattern Group during the 1st quarter valued at about $1,971,000. Finally, Allspring Global Investments Holdings LLC grew its position in Pattern Group by 1.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company's stock worth $25,723,000 after purchasing an additional 23,589 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Weiss Ratings upgraded shares of Pattern Group from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 11th. Evercore reissued an "outperform" rating and issued a $29.00 price objective on shares of Pattern Group in a report on Thursday, August 6th. KeyCorp raised their target price on Pattern Group from $20.00 to $30.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $31.00 target price on shares of Pattern Group in a research note on Thursday, August 6th. Finally, Jefferies Financial Group lowered Pattern Group from a "buy" rating to a "hold" rating and boosted their price target for the stock from $21.00 to $30.00 in a research report on Tuesday, July 14th. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $27.00.

Pattern Group Price Performance

Pattern Group stock opened at $20.20 on Monday. Pattern Group Inc. has a 12-month low of $8.92 and a 12-month high of $29.80. The stock has a market capitalization of $3.15 billion and a PE ratio of -11.74. The firm has a 50 day simple moving average of $23.87 and a 200-day simple moving average of $18.10.

Pattern Group (NASDAQ:PTRN - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. The firm had revenue of $876.77 million for the quarter. Pattern Group had a negative return on equity of 318.79% and a negative net margin of 4.57%. On average, analysts forecast that Pattern Group Inc. will post 0.63 earnings per share for the current fiscal year.

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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