Are Patrick Industries Inc. (PATK) stocks a prudent buy?

A share price of Patrick Industries Inc. [PATK] is currently trading at $57.14, up down -3.32%. In order to assess the stock’s recent performance, you can check whether its short-term value is rising or falling. The PATK shares have lost -6.24% over the last week, with a monthly amount glided 7.89%, and seem to be holding up well over a long-time horizon.

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From an analyst’s perspective:

Patrick Industries Inc. [NASDAQ: PATK] stock has seen the most recent analyst activity on May 05, 2022, when MKM Partners initiated its Buy rating and assigned the stock a price target of $93. Previously, Truist started tracking the stock with Buy rating on April 12, 2022, and set its price target to $75. On April 04, 2022, BofA Securities initiated with a Underperform rating and assigned a price target of $60 on the stock. BofA Securities upgraded its rating to a Buy and increased its price target to $88 on July 31, 2020. BofA Securities upgraded its rating to a Neutral. BofA/Merrill reiterated a Underperform rating for this stock on September 04, 2019, and downed its price target to $36. In a note dated April 26, 2019, BofA/Merrill downgraded an Underperform rating on this stock.

Patrick Industries Inc. experienced fluctuations in its stock price throughout the past year between $49.79 and $88.79. Currently, Wall Street analysts expect the stock to reach $79.50 within the next 12 months. Patrick Industries Inc. [NASDAQ: PATK] shares were valued at $57.14 at the most recent close of the market. An investor can expect a potential return of 39.13% based on the average price forecast.

Analyzing the PATK fundamentals

During the last quarter, Patrick Industries Inc. [NASDAQ:PATK] saw sales of 1.48 billion, an improvement of 57.80%. Gross Margin for this corporation currently stands at +18.27% with Operating Margin at +8.62%, Pretax Margin comes in at +7.20%, and Net Margin reading is +5.52%.

Before buying any particular stock, readers tend to pay close attention to the indicators that support and create resistance. The company’s stock is currently sitting at 56.42 points at the first support level, and at 55.69 for the second support level. However, for the 1st resistance point, the stock is sitting at 58.52, and for the 2nd resistance point, it is at 59.90.

Patrick Industries Inc. [PATK] reported earnings per share of $5.31 for its fiscal quarter that ended on 6/29/2022. Based on the Wall Street analysts’ estimates, the company was expected to report earnings of $3.53/share, meaning a difference of $1.78 and a surprise factor of 50.40%. By comparison, the stated earnings for the previous quarter ended on 3/30/2022 were $4.93 per share as compared to estimates of $2.8 per share, a difference of $2.13 representing a surprise of 76.10%.

Ratios To Look Out For

A current ratio of 2.40 is a noteworthy aspect of Patrick Industries Inc. [NASDAQ:PATK]. In addition, the Quick Ratio stands at 0.83 and the Cash Ratio stands at 0.28. Considering the valuation of this stock, the price to sales ratio is 0.46, the price to book ratio is 2.47 and the P/E (TTM) ratio is 3.95.

Transactions by insiders

In the past 3 months, 7 insiders have purchased 13,419 shares, and 4 have sold 25,150 shares. Recent insider trading involved Cleveland Todd M, Executive Board Chairman, that happened on May 13 when 5000.0 shares were sold. Executive Board Chairman, Cleveland Todd M completed a deal on May 12 to sell 16897.0 shares. Meanwhile, Executive Board Chairman Cleveland Todd M sold 3103.0 shares on May 11.