Pattern Group (NASDAQ:PTRN) Shares Gap Up - Here's What Happened

Key Points

• Pattern Group shares rose 5.5%, opening at $21.09 after closing at $20.36 and later trading at $22.10.
• The company reported quarterly EPS of $0.18, topping the $0.16 estimate, while revenue increased 38.5% year over year to $885.85 million.
• Analyst sentiment is mostly positive: nine analysts rate the stock Buy and one rates it Sell, with an average price target of $27.56.

Pattern Group Inc. (NASDAQ:PTRN - Get Free Report)'s share price gapped up prior to trading on Thursday. The stock had previously closed at $20.36, but opened at $21.09. Pattern Group shares last traded at $22.10, with a volume of 145,232 shares.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PTRN shares. The Goldman Sachs Group reaffirmed a "buy" rating and set a $31.00 price objective on shares of Pattern Group in a report on Thursday, August 6th. Robert W. Baird set a $26.00 target price on Pattern Group in a research report on Thursday, August 6th. Jefferies Financial Group raised shares of Pattern Group from a "hold" rating to a "buy" rating and increased their price objective for the stock from $20.00 to $27.00 in a research report on Thursday. JPMorgan Chase & Co. lifted their target price on Pattern Group from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, November 5th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $28.00 price target on shares of Pattern Group in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Pattern Group presently has an average rating of "Moderate Buy" and an average target price of $27.56.

Pattern Group Trading Up 5.5%

The business's 50-day simple moving average is $18.20 and its 200-day simple moving average is $17.69. The company has a market capitalization of $3.33 billion, a PE ratio of 33.00 and a beta of 1.29.

Pattern Group (NASDAQ:PTRN - Get Free Report) last posted its earnings results on Thursday, November 5th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. Pattern Group had a return on equity of 161.20% and a net margin of 3.61%. The firm had revenue of $885.85 million for the quarter. During the same period last year, the business earned ($2.19) earnings per share. The firm's revenue was up 38.5% on a year-over-year basis. Sell-side analysts forecast that Pattern Group Inc. will post 0.64 EPS for the current fiscal year.

Institutional Trading of Pattern Group

A number of hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. purchased a new position in Pattern Group during the third quarter worth about $381,000. USS Investment Management Ltd purchased a new position in Pattern Group during the 3rd quarter valued at about $403,000. Meeder Asset Management Inc. acquired a new position in shares of Pattern Group in the third quarter valued at approximately $258,000. Public Sector Pension Investment Board purchased a new position in Pattern Group in the 3rd quarter valued at approximately $1,087,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Pattern Group by 237.9% in the third quarter. Russell Investments Group Ltd. now owns 274,906 shares of the company's stock worth $4,700,000 after acquiring an additional 193,559 shares in the last quarter.

About Pattern Group

Pattern Group is an e-commerce technology and services company that helps brands sell and grow on online marketplaces. Its platform combines software, data analytics and operational support to help clients manage their digital commerce business. Services include marketplace advertising, product catalog and content management, pricing and sales analysis, inventory planning, and fulfillment support. Pattern works with brands across major online marketplaces, helping them reach customers in multiple countries.

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