Renaissance Technologies LLC Sells 123,300 Shares of Pattern Group Inc. $PTRN

Key Points

• Renaissance Technologies cut its Pattern Group stake by 87.5% in the first quarter, selling 123,300 shares and retaining 17,551 shares valued at approximately $218,000.
• Institutional interest remains significant, with Knox Lane, Norges Bank, Wasatch Advisors, Vanguard, and Woodline Partners among investors that recently initiated positions.
• Analysts maintain a generally positive outlook, with nine Buy ratings and an average price target of $27.00 versus the stock’s reported opening price of $20.72. Pattern Group also exceeded quarterly EPS expectations, reporting $0.15 compared with the $0.12 consensus estimate.

Renaissance Technologies LLC lowered its position in Pattern Group Inc. (NASDAQ:PTRN - Free Report) by 87.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 17,551 shares of the company's stock after selling 123,300 shares during the period. Renaissance Technologies LLC's holdings in Pattern Group were worth $218,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Knox Lane LP purchased a new position in Pattern Group during the 4th quarter valued at approximately $325,157,000. Norges Bank purchased a new position in Pattern Group during the 4th quarter valued at $25,965,000. Wasatch Advisors LP bought a new position in shares of Pattern Group in the fourth quarter worth about $23,144,000. Vanguard Group Inc. bought a new position in Pattern Group in the 3rd quarter worth about $20,640,000. Finally, Woodline Partners LP purchased a new position in Pattern Group during the 3rd quarter worth $19,678,000.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. BMO Capital Markets restated an "outperform" rating and set a $28.00 target price on shares of Pattern Group in a report on Thursday, August 6th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $31.00 price target on shares of Pattern Group in a report on Thursday, August 6th. Needham & Company LLC upped their target price on Pattern Group from $24.00 to $29.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Robert W. Baird set a $26.00 price target on Pattern Group in a research report on Thursday, August 6th. Finally, Weiss Ratings raised shares of Pattern Group from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Pattern Group presently has an average rating of "Moderate Buy" and an average target price of $27.00.

Pattern Group Price Performance

Shares of PTRN stock opened at $20.72 on Thursday. Pattern Group Inc. has a 12 month low of $8.92 and a 12 month high of $29.80. The company has a market capitalization of $3.23 billion and a PE ratio of -12.05. The firm's 50-day moving average is $23.93 and its two-hundred day moving average is $17.36.

Pattern Group (NASDAQ:PTRN - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. The business had revenue of $876.77 million for the quarter. Pattern Group had a negative net margin of 4.57% and a negative return on equity of 318.79%. Sell-side analysts forecast that Pattern Group Inc. will post 0.6 EPS for the current year.

Pattern Group 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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