Resideo Technologies (NYSE:REZI) Stock Falls 6.5% – Should You Sell?

Resideo Technologies, Inc. (NYSE:REZI) shares fell 6.5% during mid-day trading on Wednesday. The company traded as low as $17.56 and last traded at $17.6930. Approximately 159,281 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,629,343 shares. The stock had previously closed at $18.92.

Analysts Set New Price Targets

A number of analysts have recently weighed in on REZI shares. JPMorgan Chase & Co. started coverage on shares of Resideo Technologies in a research report on Friday, August 7th. They issued a “neutral” rating and a $30.00 target price on the stock. Evercore started coverage on shares of Resideo Technologies in a research note on Monday, September 28th. They set an “outperform” rating and a $30.00 price objective on the stock. Zacks Research cut shares of Resideo Technologies from a “hold” rating to a “strong sell” rating in a report on Wednesday, September 9th. Morgan Stanley lowered their target price on shares of Resideo Technologies from $50.00 to $45.00 and set an “overweight” rating for the company in a report on Monday, July 13th. Finally, Weiss Ratings raised Resideo Technologies from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, August 14th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.00.

Resideo Technologies Price Performance

The firm’s fifty day simple moving average is $21.44 and its 200-day simple moving average is $29.61. The firm has a market capitalization of $2.65 billion, a PE ratio of 7.73 and a beta of 1.54. The company has a quick ratio of 1.41, a current ratio of 2.22 and a debt-to-equity ratio of 1.41.

Resideo Technologies (NYSE:REZI) last posted its quarterly earnings results on Wednesday, August 12th. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.36. Resideo Technologies had a net margin of 5.37% and a return on equity of 17.79%. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, research analysts forecast that Resideo Technologies, Inc. will post 2.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Resideo Technologies news, SVP Amit Mehta acquired 10,928 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were bought at an average cost of $20.68 per share, with a total value of $225,991.04. Following the completion of the transaction, the senior vice president directly owned 57,362 shares of the company’s stock, valued at approximately $1,186,246.16. This represents a 23.53% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas A. Surran acquired 15,000 shares of Resideo Technologies stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average price 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 in the company, valued at $6,927,203.58. This represents a 4.64% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 41,245 shares of company stock valued at $848,115. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Resideo Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of REZI. WINTON GROUP Ltd boosted its holdings in shares of Resideo Technologies by 136.5% during the 2nd quarter. WINTON GROUP Ltd now owns 17,500 shares of the company’s stock valued at $544,000 after acquiring an additional 10,100 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Resideo Technologies during the second quarter valued at approximately $132,000. IFP Advisors Inc raised its holdings in shares of Resideo Technologies by 33.1% during the second quarter. IFP Advisors Inc now owns 4,670 shares of the company’s stock valued at $145,000 after purchasing an additional 1,162 shares during the last quarter. Squarepoint Ops LLC lifted its position in Resideo Technologies by 85.8% during the second quarter. Squarepoint Ops LLC now owns 166,835 shares of the company’s stock valued at $5,189,000 after purchasing an additional 77,065 shares during the period. Finally, Arizona State Retirement System lifted its position in Resideo Technologies by 1.5% during the second quarter. Arizona State Retirement System now owns 37,560 shares of the company’s stock valued at $1,168,000 after purchasing an additional 567 shares during the period. Institutional investors own 91.71% of the company’s stock.

Resideo Technologies Company Profile

Resideo Technologies, Inc is a global provider of products and services for residential and commercial comfort, security, safety and energy management. The company develops and distributes connected home technologies, including thermostats, indoor air-quality products, water-leak detection systems, security controls, sensors and related accessories.

Resideo also operates ADI Global Distribution, a distributor of security, automation and low-voltage products serving professional installers and integrators.