SmartRent (NYSE:SMRT) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

SmartRent (NYSE:SMRT) issued its earnings results on Wednesday. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01), FiscalAI reports. SmartRent had a negative net margin of 45.45% and a negative return on equity of 15.10%. The firm had revenue of $33.78 million during the quarter, compared to the consensus estimate of $36.31 million.

SmartRent Trading Up 12.3%

Shares of NYSE:SMRT traded up $0.19 during trading on Wednesday, reaching $1.73. 298,372 shares of the stock were exchanged, compared to its average volume of 1,218,773. SmartRent has a 12 month low of $0.67 and a 12 month high of $2.20. The stock has a 50-day moving average price of $1.76 and a 200-day moving average price of $1.63. The firm has a market cap of $327.13 million, a PE ratio of -4.80 and a beta of 1.79.

Analysts Set New Price Targets

SMRT has been the topic of a number of recent analyst reports. Wall Street Zen raised SmartRent from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SmartRent in a research note on Monday, December 29th. Finally, Zacks Research raised SmartRent from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $1.45.

Insider Buying and Selling at SmartRent

In other news, CEO Frank Martell purchased 124,086 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was acquired at an average cost of $1.91 per share, with a total value of $237,004.26. Following the acquisition, the chief executive officer owned 1,447,290 shares in the company, valued at approximately $2,764,323.90. This trade represents a 9.38% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased a total of 299,086 shares of company stock worth $579,949 in the last 90 days. 9.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Invesco Ltd. lifted its holdings in shares of SmartRent by 4.8% during the fourth quarter. Invesco Ltd. now owns 331,584 shares of the company’s stock worth $670,000 after buying an additional 15,124 shares in the last quarter. XTX Topco Ltd grew its stake in shares of SmartRent by 74.6% in the fourth quarter. XTX Topco Ltd now owns 331,534 shares of the company’s stock valued at $670,000 after acquiring an additional 141,613 shares in the last quarter. Stoic Point Capital Management LLC bought a new position in SmartRent during the fourth quarter worth about $5,022,000. Balyasny Asset Management L.P. bought a new position in SmartRent during the fourth quarter worth about $133,000. Finally, Bridgeway Capital Management LLC raised its stake in SmartRent by 25.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 250,000 shares of the company’s stock worth $505,000 after purchasing an additional 50,000 shares in the last quarter. Institutional investors own 59.42% of the company’s stock.

SmartRent Company Profile

SmartRent Inc is a technology company that develops smart home and smart building automation solutions for the residential rental housing industry. Its integrated hardware and software platform enables property managers and owners to remotely monitor, manage and control access, energy use and overall resident experience. The company’s product portfolio includes smart locks, thermostats, leak and flood sensors, door and window sensors, security cameras, and a centralized management dashboard that interfaces with leading property management systems.

SmartRent’s platform is designed to streamline operations for multifamily communities and single-family rental portfolios by automating routine tasks such as digital resident self-showings, remote lease turnovers, package management and preventative maintenance alerts.