Tudor Investment Corp ET AL Makes New Investment in Pattern Group Inc. $PTRN

Key Points

• Tudor Investment Corp bought a new stake of 320,067 shares in Pattern Group (≈$4.39M), and several other large institutions — including Capital World Investors ($23.98M), Vanguard ($20.64M), Woodline Partners ($19.68M), Alyeska ($15.76M) and Westfield Capital ($15.56M) — also established sizable new positions in the third quarter.
• Pattern reported stronger-than-expected quarterly results (EPS $0.16 vs. $0.12 consensus; revenue $723.1M vs. $691.35M), with revenue up 40.3% year-over-year, and its board authorized a $100 million stock buyback (up to 5.6% of shares outstanding).
• Shares opened at $12.76 (up 9.2%), the company has a market cap of $1.98B, and Wall Street holds a consensus rating of “Moderate Buy” with an average target of $20.22.

Tudor Investment Corp ET AL purchased a new position in shares of Pattern Group Inc. (NASDAQ:PTRN - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 320,067 shares of the company's stock, valued at approximately $4,385,000. Tudor Investment Corp ET AL owned approximately 0.21% of Pattern Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Capital World Investors bought a new stake in Pattern Group during the 3rd quarter worth $23,975,000. Vanguard Group Inc. bought a new position in Pattern Group in the third quarter valued at about $20,640,000. Woodline Partners LP bought a new position in Pattern Group in the third quarter valued at about $19,678,000. Alyeska Investment Group L.P. acquired a new stake in shares of Pattern Group during the third quarter valued at about $15,755,000. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Pattern Group during the third quarter worth about $15,562,000.

Pattern Group Stock Up 9.2%

Shares of PTRN opened at $12.76 on Thursday. The firm's fifty day moving average price is $12.12. Pattern Group Inc. has a 12 month low of $8.92 and a 12 month high of $20.10. The company has a market capitalization of $1.98 billion and a PE ratio of -6.29.

Pattern Group (NASDAQ:PTRN - Get Free Report) last posted its quarterly earnings data on Thursday, March 5th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.04. The business had revenue of $723.10 million during the quarter, compared to the consensus estimate of $691.35 million. Pattern Group's revenue 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 repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PTRN. Jefferies Financial Group set a $20.00 price target on shares of Pattern Group in a research report on Thursday, December 11th. JPMorgan Chase & Co. lowered their price objective on Pattern Group from $21.00 to $17.00 and set an "overweight" rating for the company in a research report on Friday, March 6th. Robert W. Baird reduced their target price on Pattern Group from $22.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday, March 6th. Needham & Company LLC reissued a "buy" rating and set a $22.00 target price on shares of Pattern Group in a research report on Thursday, January 15th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Pattern Group in a report on Monday. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.22.

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.

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.