Checking in on Patrick Industries Inc. (PATK) after recent insiders movement


Patrick Industries Inc.’s filing revealed that its EVP Operations & COO Ellis Kip B unloaded Company’s shares for reported $0.64 million on Jul 18. In the deal valued at $85.00 per share,7,500 shares were sold. As a result of this transaction, Ellis Kip B now holds 112,280 shares worth roughly $ 9.51 million.

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Then, Rodino Jeff sold 5,000 shares, generating $425,000 in total proceeds. Upon selling the shares at $85.00, the President now owns 151,933 shares.

Before that, Ellis Kip B sold 13,600 shares. Patrick Industries Inc. shares valued at $1,070,246 were divested by the EVP Operations & COO at a price of $78.69 per share. As a result of the transaction, Ellis Kip B now holds 119,780 shares, worth roughly $10.14 million.

KeyBanc Capital Markets initiated its Patrick Industries Inc. [PATK] rating to an Overweight in a research note published on Friday, April 19, 2023; the price target was $80. PT values the company’s stock at a premium of -5.84 to its Friday closing price.

Price Performance Review of PATK

On Friday, Patrick Industries Inc. [NASDAQ:PATK] saw its stock jump 1.23% to $84.67. On the same session, the stock had its day’s lowest price of $84.14, but rose to a high of $85.7299. Over the last five days, the stock has gained 6.00%. Patrick Industries Inc. shares have risen nearly 39.72% since the year began. Nevertheless, the stocks have risen 59.85% over the past one year. While a 52-week high of $87.36 was reached on 07/27/23, a 52-week low of $41.75 was recorded on 01/05/23. SMA at 50 days reached $82.06, while 200 days put it at $70.87. A total of 0.12 million shares were traded, compared to the trading of 95200.0 shares in the previous session.

Levels Of Support And Resistance For PATK Stock

The 24-hour chart illustrates a support level at 83.96, which if violated will result in even more drops to 83.26. On the upside, there is a resistance level at 85.55. A further resistance level may holdings at 86.44. The Relative Strength Index (RSI) on the 14-day chart is 59.44, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 2.68, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 13.80%. Stochastics %K at 81.74% indicates the stock is a selling.

How much short interest is there in Patrick Industries Inc.?

A steep rise in short interest was recorded in Patrick Industries Inc. stocks on Aug 14, 2023, dropping by 70000.0 shares to a total of 1.04 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 1.11 million shares. There was a decline of -6.73%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 5.92% of the overall stock float, the days-to-cover ratio (short ratio) fell to 8.78.

Patrick Industries Inc. [PATK] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 3,190,925 shares, or roughly 14.30% of the outstanding PATK shares. In other words, the investor’s shares have fallen by -104,478 from its previous 13-F filing of 3295403.0. Additionally, Fidelity Management & Research Co decreased -1.51% of its stake after which the total value it holdings stand at $223,896,714, while The Vanguard Group, Inc. reduced -1.79% of its stake to hold $144.61 million in the firm. Over the last quarter, Dimensional Fund Advisors LP purchased 71,397 shares of Patrick Industries Inc., while SSgA Funds Management, Inc. bought -8,812 shares. At present, FIAM LLC is holding 686,041 shares valued at $59.38 million. Wellington Management Co. LLP owned 660,625 shares of the company at the time of its most recent 13F filing, worth $57.18 million.

According to FactSet, Patrick Industries Inc.’s share price will average $94.43 in the next year, based on opinions of analysts polled by the firm. This is up nearly 13.58 percent from its previous closing price of $83.64. Analysts expect Patrick Industries Inc. stock to reach the higher price of $115.00, while the lowest price estimate is $75.00. However, 7 analysts have rated PATK stock as an Overweight in their predictions for 2023.


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