SmartRent (NYSE:SMRT) Cut to Neutral at BTIG Research

SmartRent (NYSE:SMRT) was downgraded by analysts at BTIG Research from a “buy” rating to a “neutral” rating in a research note issued on Friday, Briefing.com reports.

Other research analysts have also recently issued reports about the company. DA Davidson cut SmartRent from a “buy” rating to a “neutral” rating and dropped their price target for the company from $3.25 to $2.00 in a research note on Wednesday. Colliers Securities cut SmartRent from a “buy” rating to a “neutral” rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, SmartRent presently has a consensus rating of “Hold” and an average price target of $3.64.

SmartRent Price Performance

Shares of NYSE:SMRT opened at $1.78 on Friday. The company’s 50 day simple moving average is $2.36 and its 200 day simple moving average is $2.60. SmartRent has a 1 year low of $1.75 and a 1 year high of $3.90. The stock has a market capitalization of $359.26 million, a price-to-earnings ratio of -11.87 and a beta of 1.98.

SmartRent (NYSE:SMRT) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). The business had revenue of $50.49 million for the quarter, compared to analyst estimates of $51.43 million. SmartRent had a negative return on equity of 7.28% and a negative net margin of 13.08%. As a group, analysts anticipate that SmartRent will post -0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On SmartRent

A number of hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers increased its position in SmartRent by 2.9% during the 2nd quarter. Rhumbline Advisers now owns 273,810 shares of the company’s stock valued at $654,000 after purchasing an additional 7,597 shares during the period. Bank of New York Mellon Corp increased its position in shares of SmartRent by 14.2% during the second quarter. Bank of New York Mellon Corp now owns 707,056 shares of the company’s stock worth $1,690,000 after buying an additional 87,728 shares during the period. Legacy Capital Group California Inc. raised its stake in SmartRent by 104.3% during the second quarter. Legacy Capital Group California Inc. now owns 70,750 shares of the company’s stock worth $169,000 after buying an additional 36,123 shares during the last quarter. Virtu Financial LLC acquired a new position in SmartRent in the first quarter valued at $84,000. Finally, Blue Door Asset Management LLC boosted its position in SmartRent by 41.6% during the first quarter. Blue Door Asset Management LLC now owns 4,424,864 shares of the company’s stock valued at $11,859,000 after acquiring an additional 1,299,283 shares during the last quarter. 59.42% of the stock is currently owned by institutional investors.

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.