One important metric to look for in a stock is an 80 or higher Relative Strength Rating. Patrick Industries cleared that benchmark Thursday, with a jump from 78 to 81 Thursday.
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This proprietary rating tracks market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the trailing 52 weeks matches up against other publicly traded companies.
Decades of market research reveals that the top-performing stocks typically have an RS Rating north of 80 in the early stages of their moves.
Patrick Industries is in a buy zone after breaking past a 98.60 entry in a double bottom. Once a stock moves 5% or higher beyond the original entry, it's considered out of a proper buying area.
Earnings growth moved up last quarter from -45% to -7%, but revenue fell from 8% to 7%. Keep an eye out for the company's next round of numbers on or around Jul. 24.
Patrick Industries holds the No. 3 rank among its peers in the Building-Mobile/Manufacturing & RV industry group. REV Group is the top-ranked stock within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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