Patrick Industries Stock Forecast - Double Exponential Smoothing
| PK2 Stock | EUR 83.00 1.50 1.84% |
The Double Exponential Smoothing forecasted value of Patrick Industries on the next trading day is expected to be 83.00 with a mean absolute deviation of 1.39 and the sum of the absolute errors of 81.88. Patrick Stock Forecast is based on your current time horizon. We recommend always using this module together with an analysis of Patrick Industries' historical fundamentals, such as revenue growth or operating cash flow patterns.
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Patrick Industries Double Exponential Smoothing Price Forecast For the 17th of January 2025
Given 90 days horizon, the Double Exponential Smoothing forecasted value of Patrick Industries on the next trading day is expected to be 83.00 with a mean absolute deviation of 1.39, mean absolute percentage error of 4.08, and the sum of the absolute errors of 81.88.Please note that although there have been many attempts to predict Patrick Stock prices using its time series forecasting, we generally do not recommend using it to place bets in the real market. The most commonly used models for forecasting predictions are the autoregressive models, which specify that Patrick Industries' next future price depends linearly on its previous prices and some stochastic term (i.e., imperfectly predictable multiplier).
Patrick Industries Stock Forecast Pattern
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Patrick Industries Forecasted Value
In the context of forecasting Patrick Industries' Stock value on the next trading day, we examine the predictive performance of the model to find good statistically significant boundaries of downside and upside scenarios. Patrick Industries' downside and upside margins for the forecasting period are 80.45 and 85.55, respectively. We have considered Patrick Industries' daily market price to evaluate the above model's predictive performance. Remember, however, there is no scientific proof or empirical evidence that traditional linear or nonlinear forecasting models outperform artificial intelligence and frequency domain models to provide accurate forecasts consistently.
Model Predictive Factors
The below table displays some essential indicators generated by the model showing the Double Exponential Smoothing forecasting method's relative quality and the estimations of the prediction error of Patrick Industries stock data series using in forecasting. Note that when a statistical model is used to represent Patrick Industries stock, the representation will rarely be exact; so some information will be lost using the model to explain the process. AIC estimates the relative amount of information lost by a given model: the less information a model loses, the higher its quality.| AIC | Akaike Information Criteria | Huge |
| Bias | Arithmetic mean of the errors | 0.0966 |
| MAD | Mean absolute deviation | 1.3878 |
| MAPE | Mean absolute percentage error | 0.0171 |
| SAE | Sum of the absolute errors | 81.88 |
Predictive Modules for Patrick Industries
There are currently many different techniques concerning forecasting the market as a whole, as well as predicting future values of individual securities such as Patrick Industries. Regardless of method or technology, however, to accurately forecast the stock market is more a matter of luck rather than a particular technique. Nevertheless, trying to predict the stock market accurately is still an essential part of the overall investment decision process. Using different forecasting techniques and comparing the results might improve your chances of accuracy even though unexpected events may often change the market sentiment and impact your forecasting results.Other Forecasting Options for Patrick Industries
For every potential investor in Patrick, whether a beginner or expert, Patrick Industries' price movement is the inherent factor that sparks whether it is viable to invest in it or hold it better. Patrick Stock price charts are filled with many 'noises.' These noises can hugely alter the decision one can make regarding investing in Patrick. Basic forecasting techniques help filter out the noise by identifying Patrick Industries' price trends.Patrick Industries Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Patrick Industries stock to make a market-neutral strategy. Peer analysis of Patrick Industries could also be used in its relative valuation, which is a method of valuing Patrick Industries by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
Patrick Industries Technical and Predictive Analytics
The stock market is financially volatile. Despite the volatility, there exist limitless possibilities of gaining profits and building passive income portfolios. With the complexity of Patrick Industries' price movements, a comprehensive understanding of forecasting methods that an investor can rely on to make the right move is invaluable. These methods predict trends that assist an investor in predicting the movement of Patrick Industries' current price.| Cycle Indicators | ||
| Math Operators | ||
| Math Transform | ||
| Momentum Indicators | ||
| Overlap Studies | ||
| Pattern Recognition | ||
| Price Transform | ||
| Statistic Functions | ||
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| Volume Indicators |
Patrick Industries Market Strength Events
Market strength indicators help investors to evaluate how Patrick Industries stock reacts to ongoing and evolving market conditions. The investors can use it to make informed decisions about market timing, and determine when trading Patrick Industries shares will generate the highest return on investment. By undertsting and applying Patrick Industries stock market strength indicators, traders can identify Patrick Industries entry and exit signals to maximize returns.
| Daily Balance Of Power | 9.2 T | |||
| Rate Of Daily Change | 1.02 | |||
| Day Median Price | 83.0 | |||
| Day Typical Price | 83.0 | |||
| Price Action Indicator | 0.75 | |||
| Period Momentum Indicator | 1.5 | |||
| Relative Strength Index | 42.9 |
Patrick Industries Risk Indicators
The analysis of Patrick Industries' basic risk indicators is one of the essential steps in accurately forecasting its future price. The process involves identifying the amount of risk involved in Patrick Industries' investment and either accepting that risk or mitigating it. Along with some essential techniques for forecasting patrick stock prices, we also provide a set of basic risk indicators that can assist in the individual investment decision or help in hedging the risk of your existing portfolios.
| Mean Deviation | 1.68 | |||
| Standard Deviation | 2.49 | |||
| Variance | 6.21 |
Please note, the risk measures we provide can be used independently or collectively to perform a risk assessment. When comparing two potential investments, we recommend comparing similar equities with homogenous growth potential and valuation from related markets to determine which investment holds the most risk.
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Additional Information and Resources on Investing in Patrick Stock
When determining whether Patrick Industries is a good investment, qualitative aspects like company management, corporate governance, and ethical practices play a significant role. A comparison with peer companies also provides context and helps to understand if Patrick Stock is undervalued or overvalued. This multi-faceted approach, blending both quantitative and qualitative analysis, forms a solid foundation for making an informed investment decision about Patrick Industries Stock. Highlighted below are key reports to facilitate an investment decision about Patrick Industries Stock:Check out Historical Fundamental Analysis of Patrick Industries to cross-verify your projections. For more detail on how to invest in Patrick Stock please use our How to Invest in Patrick Industries guide.You can also try the Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .