On Wednesday, Patrick Industries reached a key performance benchmark, with its Relative Strength (RS) Rating entering into the 80-plus percentile with an upgrade to 82, up from 79 the day before.
Hone Your Stock-Picking Skills By Focusing On These Factors
IBD's unique RS Rating identifies market leadership by showing how a stock's price action over the last 52 weeks measures up against that of the other stocks in our database.
Decades of market research reveals that the best stocks often have an 80 or higher RS Rating as they begin their biggest price moves.
Patrick Industries is in a buy zone after moving past a 98.60 entry in a double bottom. The proper buying range extends to 5% above the initial entry. Once a stock moves above that range, it's best to hold off investing and wait for it to set up another buying opportunity.
While the company's top line growth fell last quarter from 8% to 7%, EPS grew -7%, up from -45% in the prior report. The next quarterly results are expected on or around Jul. 24.
The company 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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