Wall Street Zen Upgrades SmartRent (NYSE:SMRT) to “Hold”

SmartRent (NYSE:SMRT) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other equities research analysts have also issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of SmartRent in a research report on Wednesday. Keefe, Bruyette & Woods upped their target price on SmartRent from $1.30 to $1.45 and gave the company a “market perform” rating in a report on Tuesday, August 12th. Finally, Zacks Research downgraded SmartRent from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 28th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, SmartRent presently has an average rating of “Reduce” and an average price target of $1.45.

SmartRent Stock Down 2.4%

SmartRent stock opened at $1.45 on Friday. The company has a fifty day simple moving average of $1.46 and a 200-day simple moving average of $1.18. The firm has a market capitalization of $273.40 million, a price-to-earnings ratio of -4.01 and a beta of 1.84. SmartRent has a 52-week low of $0.67 and a 52-week high of $1.99.

SmartRent (NYSE:SMRT) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. SmartRent had a negative net margin of 45.45% and a negative return on equity of 15.10%. The firm had revenue of $36.20 million for the quarter, compared to analyst estimates of $36.27 million. On average, research analysts anticipate that SmartRent will post -0.14 EPS for the current fiscal year.

Insider Activity at SmartRent

In other SmartRent news, CEO Frank Martell bought 130,000 shares of the business’s stock in a transaction on Tuesday, August 12th. The stock was bought at an average price of $1.37 per share, with a total value of $178,100.00. Following the completion of the purchase, the chief executive officer directly owned 628,204 shares in the company, valued at $860,639.48. The trade was a 26.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas N. Bohjalian bought 100,000 shares of SmartRent stock in a transaction on Tuesday, August 19th. The stock was acquired at an average price of $1.50 per share, for a total transaction of $150,000.00. Following the transaction, the director directly owned 300,000 shares of the company’s stock, valued at approximately $450,000. This trade represents a 50.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 475,000 shares of company stock valued at $675,850 over the last quarter. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Steinberganna Wealth Management purchased a new position in SmartRent during the third quarter worth about $25,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of SmartRent in the 2nd quarter worth approximately $27,000. Pallas Capital Advisors LLC boosted its position in shares of SmartRent by 128.5% during the 2nd quarter. Pallas Capital Advisors LLC now owns 30,788 shares of the company’s stock worth $30,000 after purchasing an additional 17,312 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in SmartRent by 101.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 34,597 shares of the company’s stock valued at $42,000 after purchasing an additional 17,444 shares during the last quarter. Finally, Jump Financial LLC purchased a new stake in SmartRent in the second quarter valued at approximately $42,000. Institutional investors and hedge funds 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.