Evercore ISI Begins Coverage on Pattern Group (NASDAQ:PTRN)

Key Points

• Evercore ISI has initiated coverage on Pattern Group (NASDAQ:PTRN), assigning an "outperform" rating with a price target of $19.00, suggesting a potential upside of 35.62% from its current price.
• Multiple analysts have recently covered Pattern Group, with several issuing price targets around $18.00, leading to a consensus price target of $18.11 and ratings mostly around "Buy."
• Notable insider sales occurred, with CEO David K. Wright selling over 9.4 million shares, representing a 24.24% decrease in his ownership.

Research analysts at Evercore ISI assumed coverage on shares of Pattern Group (NASDAQ:PTRN - Get Free Report) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage set an "outperform" rating and a $19.00 price target on the stock. Evercore ISI's target price would indicate a potential upside of 35.62% from the company's current price.

Several other equities analysts have also recently commented on PTRN. JPMorgan Chase & Co. started coverage on shares of Pattern Group in a research report on Tuesday. They issued an "overweight" rating and a $18.00 price target for the company. Stifel Nicolaus started coverage on shares of Pattern Group in a research report on Tuesday. They issued a "buy" rating and a $18.00 price target for the company. Wall Street Zen raised shares of Pattern Group to a "hold" rating in a research report on Saturday. KeyCorp started coverage on shares of Pattern Group in a research report on Tuesday. They issued an "overweight" rating and a $18.00 price target for the company. Finally, BMO Capital Markets started coverage on shares of Pattern Group in a research report on Tuesday. They issued an "outperform" rating and a $19.00 price target for the company. Five investment analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $18.11.

Pattern Group Trading Up 0.3%

Shares of PTRN stock opened at $14.01 on Tuesday. Pattern Group has a 52 week low of $12.00 and a 52 week high of $16.00.

Insider Buying and Selling at Pattern Group

In related news, Director Daniel Gay sold 1,300,000 shares of Pattern Group stock in a transaction 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 sale, the director directly owned 829,475 shares in the company, valued at $10,799,764.50. This trade represents a 61.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David K. Wright sold 9,414,286 shares of Pattern Group stock in a transaction on 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 sale, 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.

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.