SmartRent (NYSE:SMRT) Cut to Neutral at Cantor Fitzgerald

Cantor Fitzgerald cut shares of SmartRent (NYSE:SMRT) from an overweight rating to a neutral rating in a research report sent to investors on Thursday, Marketbeat Ratings reports. Cantor Fitzgerald currently has $2.00 price target on the stock, down from their prior price target of $4.00.

Other analysts have also issued reports about the company. BTIG Research lowered SmartRent from a buy rating to a neutral rating in a report on Friday, August 2nd. Colliers Securities lowered SmartRent from a buy rating to a neutral rating in a research report on Wednesday, July 31st. Finally, DA Davidson downgraded shares of SmartRent from a buy rating to a neutral rating and cut their price target for the stock from $3.25 to $2.00 in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $2.64.

SmartRent Stock Down 6.6 %

SMRT traded down $0.10 during trading on Thursday, hitting $1.42. 2,939,060 shares of the company’s stock were exchanged, compared to its average volume of 1,374,578. SmartRent has a fifty-two week low of $1.39 and a fifty-two week high of $3.64. The stock has a market cap of $286.60 million, a P/E ratio of -9.47 and a beta of 1.98. The business’s 50 day moving average is $2.25 and its two-hundred day moving average is $2.53.

SmartRent (NYSE:SMRT) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The firm had revenue of $48.52 million for the quarter, compared to analysts’ expectations of $51.33 million. SmartRent had a negative return on equity of 7.28% and a negative net margin of 13.08%. SmartRent’s revenue was down 9.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) earnings per share. On average, sell-side analysts forecast that SmartRent will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SMRT. First Eagle Investment Management LLC boosted its position in shares of SmartRent by 38.5% in the first quarter. First Eagle Investment Management LLC now owns 1,389,680 shares of the company’s stock valued at $3,724,000 after acquiring an additional 386,000 shares during the period. Vanguard Group Inc. grew its position in shares of SmartRent by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock valued at $54,254,000 after purchasing an additional 386,845 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of SmartRent by 12.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,786 shares of the company’s stock worth $1,063,000 after purchasing an additional 44,611 shares during the period. Blue Door Asset Management LLC raised its position in shares of SmartRent by 0.5% in the fourth quarter. Blue Door Asset Management LLC now owns 3,125,581 shares of the company’s stock worth $9,971,000 after buying an additional 16,150 shares in the last quarter. Finally, Versor Investments LP boosted its stake in SmartRent by 39.3% during the fourth quarter. Versor Investments LP now owns 74,754 shares of the company’s stock valued at $238,000 after buying an additional 21,100 shares during the period. Hedge funds and other institutional investors own 59.42% of the company’s stock.

SmartRent Company Profile

SmartRent, Inc, an enterprise software company, provides an integrated smart home operating system to residential property owners and operators, homebuilders, institutional home buyers, developers, and residents in the United States. The company’s products and solutions include smart apartments and homes, access control for buildings, common areas, and rental units, asset protection and monitoring, parking management, self-guided tours, and community and resident Wi-Fi.