Pattern Group Inc.'s (NASDAQ:PTRN) Quiet Period To Expire on October 29th

Key Points

• Pattern Group Inc.'s (NASDAQ:PTRN) quiet period will end on October 29th, allowing brokerages to initiate research coverage after the restrictive phase following its IPO.
• Multiple brokerages have issued favorable ratings for Pattern Group, including Stifel Nicolaus and Jefferies Financial Group, with an average target price of $18.11.
• Insider trading activity included significant sales by Director Daniel Gay and CEO David K. Wright, which saw decreases of 61.05% and 24.24% in their stock holdings, respectively.

Pattern Group's (NASDAQ:PTRN - Get Free Report) quiet period is set to expire on Wednesday, October 29th. Pattern Group had issued 21,428,572 shares in its initial public offering on September 19th. The total size of the offering was $300,000,008 based on an initial share price of $14.00. During Pattern Group's quiet period, insiders and any underwriters that worked on the IPO are restricted from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company's quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PTRN. Stifel Nicolaus began coverage on shares of Pattern Group in a research note on Tuesday, October 14th. They issued a "buy" rating and a $18.00 price objective on the stock. JPMorgan Chase & Co. started coverage on shares of Pattern Group in a research report on Tuesday, October 14th. They set an "overweight" rating and a $18.00 price target on the stock. Needham & Company LLC started coverage on shares of Pattern Group in a research report on Tuesday, October 14th. They set a "buy" rating and a $18.00 price target on the stock. William Blair started coverage on shares of Pattern Group in a research report on Tuesday, October 14th. They set an "outperform" rating on the stock. Finally, Jefferies Financial Group started coverage on shares of Pattern Group in a research report on Tuesday, October 14th. They set a "buy" rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $18.11.

Pattern Group Stock Performance

PTRN opened at $13.72 on Wednesday. Pattern Group has a 12 month low of $12.00 and a 12 month high of $16.00.

Insider Activity

In other Pattern Group news, Director Daniel Gay sold 1,300,000 shares of the business's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $13.02, for a total transaction of $16,926,000.00. Following the sale, the director directly owned 829,475 shares of the company's stock, valued at $10,799,764.50. The trade was a 61.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO David K. Wright sold 9,414,286 shares of the business's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $13.02, for a total transaction of $122,574,003.72. Following the transaction, the chief executive officer owned 29,418,585 shares in the company, valued at $383,029,976.70. This represents a 24.24% decrease in their ownership of the stock. The disclosure for this sale can be found here.

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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