Resideo Technologies, Inc. (NYSE:REZI) stock soared to a 52-week high, reaching $27.39, marking a significant milestone for the company. This peak reflects a remarkable year-over-year growth, with Resideo Tech 's stock value surging by 66.42%. Investors have shown increased confidence in the company's performance and future prospects, contributing to the stock's impressive ascent. The 52-week high serves as a testament to Resideo's strategic initiatives and its ability to navigate the dynamic market landscape effectively.
In other recent news, Resideo Technologies has been experiencing significant developments. The company reported strong performance in its third quarter, with total revenue reaching $1.83 billion, marking an 18% increase compared to the previous year. This growth was observed in both its Products and Solutions segment and ADI global distribution segment. Adjusted EBITDA also saw an increase, rising by 29% to $190 million.
Furthermore, JPMorgan (NYSE:JPM) has maintained its Overweight rating on Resideo and increased its price target to $31.00, up from the previous $27.00. This adjustment follows Resideo's return to organic growth. The company's recent acquisition of Snap One is expected to contribute significant annual synergies, with $12 million anticipated in 2024 alone.
Additionally, Resideo is undergoing leadership changes. CEO Jay Geldmacher has announced his retirement and Chairman Roger Fradin is resigning from the board. Despite these changes, the company's Q4 revenue is expected to be between $1.815 billion and $1.855 billion, and adjusted EBITDA for Q4 is projected to be between $170 million and $185 million. These are recent developments that investors should take note of.
InvestingPro Insights
Resideo Technologies' recent stock performance aligns with several key metrics and insights from InvestingPro. The company's market capitalization stands at $4 billion, reflecting its substantial presence in the industry. InvestingPro data shows that REZI's revenue for the last twelve months as of Q3 2024 reached $6.44 billion, with a quarterly revenue growth of 17.63% in Q3 2024, indicating strong business momentum.
InvestingPro Tips highlight that REZI has been trading near its 52-week high, which corroborates the article's main point. Additionally, the stock has shown a strong return over the last month, three months, and year, with a notable 35.04% price total return over the past three months. These tips suggest that the stock's recent performance is part of a broader positive trend.
It's worth noting that while REZI does not pay a dividend to shareholders, it has been profitable over the last twelve months, with analysts predicting continued profitability this year. This financial health is further supported by the fact that REZI's liquid assets exceed its short-term obligations.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for REZI, providing a deeper understanding of the company's financial position and market performance.
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