Tudor Investment Corp ET AL Buys Shares of 320,067 Pattern Group Inc. $PTRN

Key Points

• Tudor Investment Corp ET AL purchased a new stake of 320,067 shares of Pattern Group (NASDAQ:PTRN), valued at about $4.39 million and representing roughly 0.21% of the company.
• Pattern Group beat expectations for the quarter with $0.16 EPS (vs. $0.12) and $723.1M revenue (vs. $691.35M), marking revenue growth of 40.3% year-over-year.
• The board authorized a $100 million share buyback (up to 5.6% of shares), while analysts hold a consensus "Moderate Buy" rating with an average target of $20.22.

Tudor Investment Corp ET AL bought a new stake in Pattern Group Inc. (NASDAQ:PTRN - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 320,067 shares of the company's stock, valued at approximately $4,385,000. Tudor Investment Corp ET AL owned 0.21% of Pattern Group as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PTRN. PNC Financial Services Group Inc. purchased a new position in shares of Pattern Group in the third quarter valued at $89,000. FNY Investment Advisers LLC purchased a new position in shares of Pattern Group in the third quarter valued at $137,000. Susquehanna International Group LLP purchased a new position in shares of Pattern Group in the third quarter valued at $137,000. SG Americas Securities LLC purchased a new position in shares of Pattern Group in the third quarter valued at $168,000. Finally, Greenland Capital Management LP purchased a new position in shares of Pattern Group in the third quarter valued at $174,000.

Pattern Group Price Performance

Shares of NASDAQ PTRN opened at $12.80 on Friday. Pattern Group Inc. has a 52-week low of $8.92 and a 52-week high of $20.10. The company's fifty day moving average is $11.62. The stock has a market cap of $1.98 billion and a PE ratio of -6.31.

Pattern Group (NASDAQ:PTRN - Get Free Report) last announced its quarterly earnings data on Thursday, March 5th. The company reported $0.16 earnings per share (EPS) 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 analysts' expectations of $691.35 million. Pattern Group's revenue was up 40.3% on a year-over-year basis.

Pattern Group announced that its Board of Directors has authorized a share repurchase program on Thursday, March 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 5.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PTRN. Needham & Company LLC reissued a "buy" rating and set a $22.00 price objective on shares of Pattern Group in a research note on Thursday, January 15th. Robert W. Baird dropped their price objective on shares of Pattern Group from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Friday, March 6th. Jefferies Financial Group set a $20.00 price objective on shares of Pattern Group in a research note on Thursday, December 11th. Stifel Nicolaus dropped their price objective on shares of Pattern Group from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Friday, March 6th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Pattern Group in a research note on Monday, March 23rd. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Pattern Group presently has an average rating of "Moderate Buy" and an average target price 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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