Pattern Group Inc. (NASDAQ:PTRN) Short Interest Update

Key Points

• Short interest in Pattern Group surged 115.5% in June, reaching 4.32 million shares by June 30, or about 9.6% of the float. The days-to-cover ratio is 1.3 days based on average volume.
• Analyst sentiment is mixed but generally constructive, with nine Buy ratings, two Hold ratings, and one Sell rating. The consensus rating is Moderate Buy with an average price target of $22.89.
• Pattern Group’s latest results beat expectations, with quarterly EPS of $0.16 versus $0.10 expected and revenue up 43.2% year over year to $773.73 million. The stock was also trading near its 1-year high after rising to $29.33.

Pattern Group Inc. (NASDAQ:PTRN - Get Free Report) was the target of a significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 4,321,456 shares, a growth of 115.5% from the June 15th total of 2,005,197 shares. Based on an average trading volume of 3,432,871 shares, the days-to-cover ratio is presently 1.3 days. Currently, 9.6% of the company's stock are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Pattern Group in a research note on Thursday, June 18th. Wall Street Zen upgraded Pattern Group from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Needham & Company LLC raised their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Pattern Group from $17.00 to $19.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group restated a "buy" rating and set a $27.00 price target on shares of Pattern Group in a research note on Monday, June 29th. Nine equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.89.

Insider Buying and Selling at Pattern Group

In related news, Director Ann Mather sold 5,301 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $16.51, for a total transaction of $87,519.51. Following the completion of the sale, the director directly owned 31,509 shares in the company, valued at approximately $520,213.59. This trade represents a 14.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 70.97% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PTRN. Vanguard Group Inc. acquired a new stake in shares of Pattern Group in the third quarter valued at about $20,640,000. Blair William & Co. IL bought a new stake in Pattern Group during the 3rd quarter valued at approximately $253,000. Legal & General Group Plc acquired a new stake in Pattern Group in the 3rd quarter valued at approximately $411,000. UBS Group AG bought a new position in Pattern Group in the 3rd quarter worth approximately $7,578,000. Finally, Sei Investments Co. bought a new position in Pattern Group in the 3rd quarter worth approximately $654,000.

Pattern Group Price Performance

PTRN traded up $1.25 on Wednesday, hitting $29.33. The company had a trading volume of 885,065 shares, compared to its average volume of 1,382,430. The stock has a market cap of $4.55 billion and a price-to-earnings ratio of -15.70. The company's fifty day moving average price is $21.06 and its 200 day moving average price is $15.50. Pattern Group has a 1-year low of $8.92 and a 1-year high of $29.63.

Pattern Group (NASDAQ:PTRN - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.06. The firm had revenue of $773.73 million during the quarter, compared to the consensus estimate of $715.90 million. During the same period in the prior year, the business earned $0.17 EPS. The company's revenue for the quarter was up 43.2% compared to the same quarter last year. On average, sell-side analysts forecast that Pattern Group will post 0.56 EPS for the current year.

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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