Resideo Technologies (NYSE:REZI) Hits New 52-Week Low Following Analyst Downgrade

Resideo Technologies, Inc. (NYSE:REZI)’s share price reached a new 52-week low on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $18.82 and last traded at $18.8890, with a volume of 2137235 shares trading hands. The stock had previously closed at $19.64.

Several other research analysts have also recently weighed in on the company. Seaport Research Partners initiated coverage on Resideo Technologies in a research report on Wednesday, July 1st. They set a “buy” rating and a $55.00 price target for the company. Weiss Ratings raised Resideo Technologies from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, August 14th. JPMorgan Chase & Co. assumed coverage on shares of Resideo Technologies in a research report on Friday, August 7th. They set a “neutral” rating and a $30.00 price target on the stock. Oppenheimer reaffirmed an “outperform” rating on shares of Resideo Technologies in a research note on Thursday, August 13th. Finally, Morgan Stanley lowered their price objective on Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating for the company in a research report on Monday, July 13th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $41.00.

Insider Activity at Resideo Technologies

In other Resideo Technologies news, SVP Amit Mehta purchased 10,928 shares of the business’s stock in a transaction on Monday, August 17th. The shares were bought at an average cost of $20.68 per share, for a total transaction of $225,991.04. Following the completion of the purchase, the senior vice president directly owned 57,362 shares in the company, valued at approximately $1,186,246.16. This represents a 23.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Thomas Surran purchased 15,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average cost of $20.46 per share, with a total value of $306,900.00. Following the completion of the acquisition, the chief executive officer directly owned 338,573 shares of the company’s stock, valued at $6,927,203.58. This represents a 4.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 41,245 shares of company stock valued at $848,115 over the last quarter. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Resideo Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ancora Advisors LLC acquired a new position in shares of Resideo Technologies during the 2nd quarter worth $13,546,000. J. Goldman & Co LP acquired a new stake in shares of Resideo Technologies in the second quarter valued at about $17,983,000. Hsbc Holdings PLC boosted its holdings in Resideo Technologies by 659.0% during the first quarter. Hsbc Holdings PLC now owns 50,832 shares of the company’s stock worth $1,706,000 after buying an additional 44,135 shares in the last quarter. Quantinno Capital Management LP grew its position in Resideo Technologies by 122.1% during the first quarter. Quantinno Capital Management LP now owns 98,948 shares of the company’s stock worth $3,336,000 after buying an additional 54,390 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Resideo Technologies during the first quarter worth about $1,497,000. 91.71% of the stock is owned by hedge funds and other institutional investors.

Resideo Technologies Stock Performance

The company has a quick ratio of 1.41, a current ratio of 2.22 and a debt-to-equity ratio of 1.41. The company has a market capitalization of $2.90 billion, a PE ratio of 8.46 and a beta of 1.60. The stock’s fifty day simple moving average is $27.10 and its 200-day simple moving average is $31.82.

Resideo Technologies (NYSE:REZI) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.47 by $0.36. Resideo Technologies had a return on equity of 17.79% and a net margin of 5.37%.The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the previous year, the company earned $0.66 EPS. The company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, research analysts predict that Resideo Technologies, Inc. will post 2.5 earnings per share for the current fiscal year.

About Resideo Technologies

Resideo Technologies, Inc, headquartered in Austin, Texas, is a global provider of home comfort, security and energy management solutions. Formed as an independent company in 2018 following its spin-off from Honeywell, Resideo leverages decades of engineering experience to deliver connected products and services to residential and light commercial customers.

The company’s core offerings include smart thermostats, security systems, video doorbells, water leak and freeze detection devices, and indoor air quality monitors.