Pattern Group (NASDAQ:PTRN) Now Covered by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has initiated coverage on Pattern Group (NASDAQ:PTRN), giving it an "overweight" rating and a price target of $18.00, indicating a potential upside of 28.85% from its current price.
• Other brokers, including Goldman Sachs and Evercore ISI, also initiated coverage with favorable ratings and price targets ranging from $17.00 to $19.00.
• CEO David K. Wright and Director Daniel Gay have significantly reduced their ownership in the company by selling over 10 million shares combined in transactions on September 22nd.

Equities researchers at JPMorgan Chase & Co. began coverage on shares of Pattern Group (NASDAQ:PTRN - Get Free Report) in a note issued to investors on Tuesday,Benzinga reports. The brokerage set an "overweight" rating and a $18.00 price target on the stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 28.85% from the company's current price.

A number of other research firms have also weighed in on PTRN. The Goldman Sachs Group initiated coverage on Pattern Group in a report on Tuesday. They set a "buy" rating and a $17.00 target price on the stock. Evercore ISI set a $19.00 target price on Pattern Group and gave the stock an "outperform" rating in a report on Tuesday. Robert W. Baird initiated coverage on Pattern Group in a report on Tuesday. They set an "outperform" rating and a $18.00 target price on the stock. William Blair began coverage on Pattern Group in a report on Tuesday. They set an "outperform" rating on the stock. Finally, Wall Street Zen raised Pattern Group to a "hold" rating in a report on Saturday. Nine analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $18.11.

Pattern Group Price Performance

PTRN stock opened at $13.97 on Tuesday. Pattern Group has a 1-year low of $12.00 and a 1-year high of $16.00.

Insider Buying and Selling at Pattern Group

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