Resideo Technologies (NYSE:REZI) Shares Down 6.5% – Here’s What Happened

Resideo Technologies, Inc. (NYSE:REZI) traded down 6.5% on Monday . The company traded as low as $24.42 and last traded at $24.3840. Approximately 459,617 shares changed hands during trading, a decline of 68% from the average session volume of 1,417,277 shares. The stock had previously closed at $26.08.

Wall Street Analyst Weigh In

REZI has been the subject of a number of research reports. Seaport Research Partners assumed coverage on Resideo Technologies in a report on Wednesday, July 1st. They issued a “buy” rating and a $55.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on Resideo Technologies in a report on Friday, August 7th. They set a “neutral” rating and a $30.00 price objective on the stock. Morgan Stanley cut their target price on Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Resideo Technologies in a research note on Friday, July 17th. Finally, Zacks Research cut shares of Resideo Technologies from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 9th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Resideo Technologies has a consensus rating of “Hold” and a consensus price target of $41.00.

Resideo Technologies Stock Down 0.0%

The stock has a market cap of $3.66 billion, a P/E ratio of -6.30 and a beta of 1.63. The company has a quick ratio of 1.19, a current ratio of 2.07 and a debt-to-equity ratio of 1.30. The company has a 50-day simple moving average of $31.88 and a two-hundred day simple moving average of $34.21.

Resideo Technologies (NYSE:REZI) last issued its earnings results on Tuesday, May 12th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.61 by $0.04. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.87 billion. Resideo Technologies had a negative net margin of 6.71% and a positive return on equity of 16.70%. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 earnings per share. On average, equities analysts forecast that Resideo Technologies, Inc. will post 2.81 EPS for the current year.

Hedge Funds Weigh In On Resideo Technologies

Hedge funds have recently modified their holdings of the company. Paralel Advisors LLC bought a new position in shares of Resideo Technologies during the second quarter valued at about $2,128,000. Allworth Financial LP purchased a new position in Resideo Technologies during the 2nd quarter valued at about $28,000. Vise Technologies Inc. purchased a new position in Resideo Technologies during the 2nd quarter valued at about $308,000. Great Lakes Advisors LLC bought a new position in Resideo Technologies during the 2nd quarter valued at approximately $228,000. Finally, Pzena Investment Management LLC bought a new position in Resideo Technologies during the 2nd quarter valued at approximately $52,458,000. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Resideo Technologies Company Profile

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.