Hudson Bay Capital Management LP Makes New $3.02 Million Investment in Resideo Technologies, Inc. $REZI

Key Points

• Hudson Bay Capital Management acquired a new position of 69,985 shares in Resideo Technologies (NYSE:REZI) in the third quarter, valued at approximately $3.02 million.
• Several other institutions materially increased stakes—notably Millennium Management (+1,123.6%), RBC, AQR and UBS—leaving institutional ownership at about 91.71%.
• Analysts are mixed with a consensus rating of "Hold" and an average price target of $39.67 (Morgan Stanley raised its target to $50); REZI trades near $32.75 with a market cap around $4.95 billion.

Hudson Bay Capital Management LP acquired a new position in Resideo Technologies, Inc. (NYSE:REZI - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 69,985 shares of the company's stock, valued at approximately $3,022,000.

Several other institutional investors and hedge funds have also recently modified their holdings of REZI. Royal Bank of Canada lifted its stake in shares of Resideo Technologies by 50.0% during the 1st quarter. Royal Bank of Canada now owns 49,395 shares of the company's stock valued at $873,000 after buying an additional 16,467 shares in the last quarter. AQR Capital Management LLC increased its stake in Resideo Technologies by 58.9% in the 1st quarter. AQR Capital Management LLC now owns 122,734 shares of the company's stock worth $2,172,000 after buying an additional 45,517 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Resideo Technologies by 7.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 126,161 shares of the company's stock valued at $2,233,000 after acquiring an additional 9,106 shares during the period. Millennium Management LLC raised its holdings in Resideo Technologies by 1,123.6% during the first quarter. Millennium Management LLC now owns 263,821 shares of the company's stock valued at $4,670,000 after acquiring an additional 242,260 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Resideo Technologies by 6.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,149 shares of the company's stock valued at $7,773,000 after acquiring an additional 26,254 shares in the last quarter. 91.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on REZI shares. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Resideo Technologies in a research note on Thursday, January 22nd. Morgan Stanley lifted their target price on Resideo Technologies from $42.00 to $50.00 and gave the company an "overweight" rating in a research note on Wednesday, February 25th. Finally, Oppenheimer restated an "outperform" rating on shares of Resideo Technologies in a research note on Friday, March 13th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Resideo Technologies presently has an average rating of "Hold" and a consensus price target of $39.67.

Resideo Technologies Price Performance

Shares of Resideo Technologies stock opened at $32.75 on Friday. The stock has a market cap of $4.95 billion, a price-to-earnings ratio of -8.13 and a beta of 1.71. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.14 and a current ratio of 1.91. The stock has a 50 day moving average price of $35.93 and a 200-day moving average price of $36.82. Resideo Technologies, Inc. has a one year low of $14.18 and a one year high of $45.29.

Resideo Technologies 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.

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