Sat. Mar 2nd, 2024

Smart home technology is becoming increasingly popular, and several companies are positioned to benefit from this trend. This article highlights three stocks that are automating everyday life in the smart home industry:

  • NRG Energy (NRG): NRG made a big push into home services and acquired Vivint Smart Home, bringing in almost two million customers. The acquisition allows NRG to cross-sell to its existing customer base and generate more predictable earnings. NRG stock has increased by 62% in the past year.
  • Allegion (ALLE): Allegion is a global provider of security products and solutions. It offers IoT and electronic solutions for smart homes and recently acquired Stanley Access Technologies to expand its smart home offerings. The company has seen flat year-over-year revenue growth but expects further adoption of its solutions in the future.
  • SmartRent (SMRT): SmartRent provides smart home and smart property solutions for multifamily residential buildings. The company serves major property owners and operators in the US. While SmartRent has seen a decline in its stock price in recent years, it expects significant revenue growth in 2023 and anticipates profitability in Q4 2023.

These three stocks represent different aspects of the smart home industry and have the potential for growth as smart home technology becomes more mainstream.