The Attractiveness of Investing In Patrick Industries, Inc. (PATK) is Growing

Patrick Industries, Inc.’s recent filing unveils that its President-Powersports/ Housing Ellis Kip B unloaded Company’s shares for reported $0.91 million on Mar 04 ’24. In the deal valued at $121.99 per share,7,462 shares were sold. As a result of this transaction, Ellis Kip B now holds 101,316 shares worth roughly $11.06 million.

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Then, Cleveland Todd M sold 8,524 shares, generating $1,026,602 in total proceeds. Upon selling the shares at $120.44, the Director now owns 88,629 shares.

Before that, Forbes John A sold 6,793 shares. Patrick Industries, Inc. shares valued at $806,805 were divested by the Director at a price of $118.77 per share. As a result of the transaction, Forbes John A now holds 34,682 shares, worth roughly $3.79 million.

BMO Capital Markets initiated its Patrick Industries, Inc. [PATK] rating to an Outperform in a research note published on December 07, 2023; the price target was $105. A number of analysts have revised their coverage, including KeyBanc Capital Markets’s analysts, who began to cover the stock in mid April with a ‘”an Overweight”‘ rating. DA Davidson began covering PATK with “Neutral” recommendation on August 26, 2022. MKM Partners started covering the stock on May 05, 2022. It rated PATK as “a Buy”.

Price Performance Review of PATK

On Tuesday, Patrick Industries, Inc. [NASDAQ:PATK] saw its stock fall -2.43% to $109.15. Over the last five days, the stock has lost -7.74%. Patrick Industries, Inc. shares have risen nearly 8.77% since the year began. Nevertheless, the stocks have risen 57.41% over the past one year. While a 52-week high of $123.58 was reached on 03/04/24, a 52-week low of $63.57 was recorded on 01/17/24. SMA at 50 days reached $105.78, while 200 days put it at $86.83. A total of 0.29 million shares were traded, compared to the trading of 0.16 million shares in the previous session.

Levels Of Support And Resistance For PATK Stock

The 24-hour chart illustrates a support level at 107.81, which if violated will result in even more drops to 106.48. On the upside, there is a resistance level at 111.41. A further resistance level may holdings at 113.67. The Relative Strength Index (RSI) on the 14-day chart is 45.13, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -4.44, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 97.20%. Stochastics %K at 14.92% indicates the stock is a buying.

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

A steep rise in short interest was recorded in Patrick Industries, Inc. stocks on Feb 29, 2024, growing by 0.27 million shares to a total of 1.31 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 1.04 million shares. There was a rise of 20.61%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 7.42% of the overall stock float, the days-to-cover ratio (short ratio) rose to 8.09.

The most recent change occurred on April 12, 2022 when Truist began covering the stock and recommended ‘”a Buy”‘ rating along with a $75 price target.

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