Pattern Group (NASDAQ:PTRN) Trading Down 6.9% - Here's What Happened

Key Points

• Pattern Group shares fell 6.9% to approximately $18.02, with trading volume down 60% from the average session.
• Analysts remain broadly optimistic: nine rate the stock Buy, with a consensus “Moderate Buy” rating and an average price target of $27.00.
• The company exceeded quarterly earnings expectations, reporting $0.15 EPS versus $0.12 estimated on $876.77 million in revenue, though it posted a negative net margin and return on equity.

Pattern Group Inc. (NASDAQ:PTRN - Get Free Report) was down 6.9% during trading on Thursday . The stock traded as low as $18.04 and last traded at $18.0240. Approximately 587,818 shares traded hands during trading, a decline of 60% from the average session volume of 1,470,025 shares. The stock had previously closed at $19.36.

Wall Street Analysts Forecast Growth

PTRN has been the subject of a number of analyst reports. Robert W. Baird set a $26.00 target price on shares of Pattern Group in a research note on Thursday, August 6th. Needham & Company LLC lifted their price target on Pattern Group from $24.00 to $29.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Evercore reissued an "outperform" rating and set a $29.00 target price on shares of Pattern Group in a research report on Thursday, August 6th. BMO Capital Markets restated an "outperform" rating and set a $28.00 target price on shares of Pattern Group in a research note on Thursday, August 6th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $31.00 price target on shares of Pattern Group in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Pattern Group has a consensus rating of "Moderate Buy" and an average price target of $27.00.

Pattern Group Stock Performance

The company has a market cap of $2.76 billion and a PE ratio of -10.19. The stock's 50-day simple moving average is $21.87 and its 200 day simple moving average is $18.93.

Pattern Group (NASDAQ:PTRN - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.15 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. Pattern Group had a negative return on equity of 318.79% and a negative net margin of 4.57%.The company had revenue of $876.77 million during the quarter. On average, sell-side analysts predict that Pattern Group Inc. will post 0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PTRN. Knox Lane LP acquired a new stake in shares of Pattern Group in the 4th quarter worth approximately $325,157,000. Wasatch Advisors LP boosted its position in Pattern Group by 28.4% during the second quarter. Wasatch Advisors LP now owns 3,135,129 shares of the company's stock worth $78,974,000 after purchasing an additional 692,735 shares in the last quarter. Norges Bank acquired a new stake in Pattern Group in the fourth quarter valued at $25,965,000. Allspring Global Investments Holdings LLC raised its stake in shares of Pattern Group by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,101,545 shares of the company's stock worth $25,723,000 after buying an additional 23,589 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in shares of Pattern Group by 4.3% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,184,716 shares of the company's stock worth $13,672,000 after buying an additional 48,837 shares in the last quarter.

Pattern Group Company Profile

Pattern Group Inc is an e-commerce technology and services company that helps brands grow and manage their businesses across online marketplaces and other digital retail channels. The company combines technology, data analytics and operational services to support brands throughout the e-commerce lifecycle, from marketplace strategy and product content to advertising, sales management and fulfillment.

Pattern Group's services are designed to help consumer brands improve their digital presence, expand distribution and optimize performance on platforms such as Amazon and other major online marketplaces.

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