SmartRent, Inc. (NYSE:SMRT) Given Consensus Recommendation of “Hold” by Analysts

Shares of SmartRent, Inc. (NYSE:SMRT) have been given an average rating of “Hold” by the six research firms that are currently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating. The average 1 year price target among brokers that have covered the stock in the last year is $2.64.

Several equities research analysts recently commented on SMRT shares. BTIG Research downgraded SmartRent from a “buy” rating to a “neutral” rating in a report on Friday, August 2nd. DA Davidson downgraded shares of SmartRent from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $3.25 to $2.00 in a research report on Wednesday, July 31st. Cantor Fitzgerald downgraded shares of SmartRent from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $4.00 to $2.00 in a research report on Thursday, August 8th. Keefe, Bruyette & Woods downgraded SmartRent from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $3.50 to $2.00 in a research note on Thursday, August 8th. Finally, Colliers Securities lowered SmartRent from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st.

SmartRent Stock Performance

Shares of SMRT stock opened at $1.68 on Monday. The company has a market capitalization of $340.02 million, a price-to-earnings ratio of -14.00 and a beta of 1.97. SmartRent has a one year low of $1.35 and a one year high of $3.47. The company’s 50-day moving average is $1.66 and its 200 day moving average is $2.15.

SmartRent (NYSE:SMRT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $48.52 million for the quarter, compared to the consensus estimate of $51.33 million. SmartRent had a negative net margin of 10.73% and a negative return on equity of 5.68%. SmartRent’s revenue was down 9.1% on a year-over-year basis. During the same period last year, the business earned ($0.05) EPS. As a group, research analysts predict that SmartRent will post -0.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Frank Martell purchased 75,000 shares of the business’s stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $1.63 per share, with a total value of $122,250.00. Following the completion of the acquisition, the director now owns 150,000 shares of the company’s stock, valued at approximately $244,500. This trade represents a 100.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Frank Martell bought 75,000 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were bought at an average price of $1.63 per share, for a total transaction of $122,250.00. Following the purchase, the director now owns 150,000 shares in the company, valued at approximately $244,500. The trade was a 100.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Robyn Young purchased 14,793 shares of the company’s stock in a transaction on Friday, August 30th. The stock was purchased at an average price of $1.70 per share, with a total value of $25,148.10. Following the completion of the transaction, the chief marketing officer now owns 52,305 shares of the company’s stock, valued at approximately $88,918.50. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.00% of the stock is owned by insiders.

Hedge Funds Weigh In On SmartRent

Large investors have recently made changes to their positions in the business. Algert Global LLC bought a new stake in SmartRent during the 2nd quarter valued at approximately $42,000. Virtu Financial LLC purchased a new position in shares of SmartRent in the first quarter worth $84,000. Price T Rowe Associates Inc. MD boosted its position in shares of SmartRent by 18.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,177 shares of the company’s stock worth $143,000 after acquiring an additional 8,169 shares during the last quarter. SG Americas Securities LLC increased its holdings in SmartRent by 250.1% in the 3rd quarter. SG Americas Securities LLC now owns 90,247 shares of the company’s stock valued at $156,000 after acquiring an additional 64,471 shares during the last quarter. Finally, Legacy Capital Group California Inc. increased its holdings in SmartRent by 104.3% in the 2nd quarter. Legacy Capital Group California Inc. now owns 70,750 shares of the company’s stock valued at $169,000 after acquiring an additional 36,123 shares during the last quarter. 59.42% of the stock is currently owned by hedge funds and other institutional investors.

About SmartRent

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.