Worthington Steel Stock Forward View - Double Exponential Smoothing
| Z2J Stock | 27.95 1.40 5.27% |
This reference page presents Double Exponential Smoothing forecast data for Worthington Steel. The projected values and error metrics are presented below as reference information. The output values and deviation metrics are provided for informational reference.
The Double Exponential Smoothing forecasted value of Worthington Steel on the next trading day is expected to be 27.72 with a mean absolute deviation of 0.79 and the sum of the absolute errors of 46.88.When Worthington Steel prices exhibit either an increasing or decreasing trend over time, simple exponential smoothing forecasts tend to lag behind observations. Double exponential smoothing is designed to address this type of data series by taking into account any Worthington Steel trend in the prices. So in double exponential smoothing past observations are given exponentially smaller weights as the observations get older. In other words, recent Worthington Steel observations are given relatively more weight in forecasting than the older observations. This Double Exponential Smoothing forecast data for Worthington Steel is sourced from the most recent available trading data and is intended solely as reference information. Double Exponential Smoothing Price Forecast For the 26th of March
Given 90 days horizon, the Double Exponential Smoothing forecasted value of Worthington Steel on the next trading day is expected to be 27.72 with a mean absolute deviation of 0.79 , mean absolute percentage error of 1.09 , and the sum of the absolute errors of 46.88 .Please note that although there have been many attempts to predict Worthington Stock prices using its time series forecasting, we generally do not suggest using it to place bets in the real market. The most commonly used models for forecasting predictions are the autoregressive models, which specify that Worthington Steel's next future price depends linearly on its previous prices and some stochastic term (i.e., imperfectly predictable multiplier).
Stock Forecast Pattern
| Backtest Worthington Steel | Worthington Steel Price Prediction | Research Analysis |
Forecasted Value
Forecasting Worthington Steel for the next session involves measuring the model's historical ability to define credible downside and upside scenarios. The current forecast range spans downside near 24.55 and upside near 30.89.
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 Worthington Steel stock data series using in forecasting. Note that when a statistical model is used to represent Worthington Steel 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 | -0.007 |
| MAD | Mean absolute deviation | 0.7946 |
| MAPE | Mean absolute percentage error | 0.0243 |
| SAE | Sum of the absolute errors | 46.884 |
Other Forecasting Options for Worthington Steel
Worthington Steel's daily price returns can be decomposed into trend, seasonal, and residual components. Divergence between short-term and long-term averages in Worthington often signals an upcoming reversal or acceleration. Gap analysis of Worthington Stock data examines overnight jumps between Worthington Steel's closing and opening prices.Worthington Steel Related Equities
These stocks are related to Worthington Steel within the Steel space and can be used for peer review, pricing, or spreading risk. Return on equity across these peers shows how well each firm turns capital into profit.
| Risk & Return | Correlation |
Worthington Steel Market Strength Events
Market strength indicators help investors evaluate how Worthington Steel stock reacts to evolving market conditions. These indicators help determine optimal entry and exit points for trading Worthington Steel. These indicators can identify periods when trading Worthington Steel may offer more favorable risk-reward conditions.
Worthington Steel Risk Indicators
The analysis of Worthington Steel's basic risk indicators is one of the essential steps in accurately forecasting its future price. Understanding the risk involved in holding Worthington Steel's allows investors to make informed decisions about their exposure. The analysis of Worthington Steel's basic risk metrics provides a foundation for managing investment risk.
| Mean Deviation | 2.3 | |||
| Standard Deviation | 3.08 | |||
| Variance | 9.48 |
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.
Story Coverage note for Worthington Steel
A coverage review of Worthington Steel shows when the security is attracting above-average attention from contributors and market observers. The stronger process compares story flow with performance, theme classification, and the level of short-term market interest.
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More Resources for Worthington Stock Analysis
Analysis of Worthington Steel often begins with its financial statements and historical patterns. Values are derived from Worthington Steel's disclosed financial information.Use Historical Fundamental Analysis of Worthington Steel to cross-verify projections for Worthington Steel. For information on how to trade Worthington Stock refer to our How to Invest in Worthington Steel guide. It explains the process for buying and trading Worthington Stock effectively.Worthington Steel currently shows ROE of 10.52%, market cap of 1.46 Billion. This analysis of Worthington Steel works best as a complementary layer when evaluating how the security fits in a broader portfolio. A thorough Worthington Steel review pairs this page with the quantitative and comparative resources listed below. You can also try the Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.