Pattern Group (NASDAQ:PTRN) Trading 11.3% Higher - Here's Why

Key Points

• Pattern Group's stock saw an increase of 11.3% during trading, reaching a high of $15.61, despite a 23% decrease in trading volume compared to its average.
• Recent analyst coverage has been positive, with multiple firms, including Needham & Company and Evercore ISI, issuing "buy" ratings and price targets ranging from $18.00 to $19.00.
• Significant insider selling occurred, with CEO David K. Wright selling over 9.4 million shares at around $13.02 each, reducing his ownership in the company by over 24%.

Pattern Group Inc. (NASDAQ:PTRN - Get Free Report) rose 11.3% during trading on Thursday . The stock traded as high as $15.61 and last traded at $15.57. Approximately 994,148 shares changed hands during trading, a decline of 23% from the average daily volume of 1,296,845 shares. The stock had previously closed at $13.99.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PTRN. Robert W. Baird started coverage on shares of Pattern Group in a report on Tuesday, October 14th. They set an "outperform" rating and a $18.00 target price for the company. Jefferies Financial Group started coverage on shares of Pattern Group in a report on Tuesday, October 14th. They issued a "buy" rating and a $18.00 price target for the company. Zacks Research raised shares of Pattern Group to a "hold" rating in a report on Wednesday, October 15th. Needham & Company LLC started coverage on shares of Pattern Group in a report on Tuesday, October 14th. They issued a "buy" rating and a $18.00 price target for the company. Finally, Evercore ISI assumed coverage on shares of Pattern Group in a report on Tuesday, October 14th. They issued an "outperform" rating and a $19.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $18.11.

Pattern Group Trading Up 16.2%

Insider Buying and Selling

In related news, CEO David K. Wright sold 9,414,286 shares of the company's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $13.02, for a total transaction of $122,574,003.72. Following the sale, the chief executive officer directly owned 29,418,585 shares in the company, valued at approximately $383,029,976.70. This represents a 24.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel Gay sold 1,300,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director owned 829,475 shares in the company, valued at $10,799,764.50. This represents a 61.05% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Institutional Investors Weigh In On Pattern Group

A hedge fund recently bought a new stake in Pattern Group stock. SG Americas Securities LLC purchased a new position in shares of Pattern Group Inc. (NASDAQ:PTRN - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 12,281 shares of the company's stock, valued at approximately $168,000.

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.

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