Stock Rating Downgrade
The Value Trend Rating for Patrick Industries Inc (NASDAQ: PATK) weakened in recent days from B to C reflecting eroding fundamentals and low Appreciation Potential. Details supporting this lower rating are included in our next report.
Recent Price Action
Patrick Industries Inc (NASDAQ: PATK) stock increased 2.0% on 3/1/24. The shares closed at $122.29. Moreover, trading volume in this advance was unusually high at 167% of normal. Relative to the market the stock has been exceptionally strong over the last nine months and has risen 7.4% during the last week.
Current PriceTarget Research Rating
PATK is expected to continue to be a major Value Builder reflecting capital returns that are forecasted to exceed the cost of capital.
Patrick Industries has a current Value Trend Rating of C (Neutral). The Value Trend Rating reflects very contradictory signals from PTR’s two proprietary measures of a stock’s attractiveness. Patrick Industries has a poor Appreciation Score of 22 but a very high Power Rating of 86, with the Neutral Value Trend Rating the result.
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