Pattern Group (NASDAQ:PTRN) Shares Up 14.7% Following Earnings Beat

Key Points

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Pattern Group Inc. (NASDAQ:PTRN - Get Free Report) rose 14.7% on Thursday following a stronger than expected earnings report. The stock traded as high as $15.81 and last traded at $16.3390. Approximately 1,924,287 shares changed hands during trading, an increase of 100% from the average daily volume of 962,225 shares. The stock had previously closed at $14.25.

The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.06. During the same quarter last year, the firm posted $0.17 EPS. The business's revenue was up 43.2% compared to the same quarter last year.

Pattern Group declared that its board has authorized a share buyback program on Thursday, March 5th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have weighed in on PTRN. Stifel Nicolaus lowered their price objective on Pattern Group from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Friday, March 6th. Needham & Company LLC raised their price objective on shares of Pattern Group from $22.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on shares of Pattern Group from $21.00 to $17.00 and set an "overweight" rating on the stock in a report on Friday, March 6th. Weiss Ratings reissued a "sell (d)" rating on shares of Pattern Group in a research note on Monday, March 23rd. Finally, Robert W. Baird reduced their price target on shares of Pattern Group from $22.00 to $20.00 and set an "outperform" rating on the stock in a research report on Friday, March 6th. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.44.

Institutional Investors Weigh In On Pattern Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas purchased a new stake in Pattern Group during the 3rd quarter worth approximately $2,740,000. Hudson Bay Capital Management LP acquired a new stake in shares of Pattern Group in the third quarter valued at $1,649,000. Dragoneer Investment Group LLC acquired a new position in Pattern Group during the 3rd quarter worth $6,709,000. Monashee Investment Management LLC purchased a new stake in Pattern Group during the 3rd quarter worth about $2,055,000. Finally, Capelight Capital Asset Management LP purchased a new position in shares of Pattern Group in the 4th quarter valued at about $923,000.

Pattern Group Stock Up 13.4%

The stock has a market cap of $2.51 billion and a price-to-earnings ratio of -8.02. The company's fifty day moving average is $12.27 and its two-hundred day moving average is $13.33.

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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