SmartRent, Inc. (NYSE:SMRT) Short Interest Down 15.3% in June

SmartRent, Inc. (NYSE:SMRT) saw a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 13,140,000 shares, a decline of 15.3% from the May 31st total of 15,510,000 shares. Based on an average trading volume of 1,440,000 shares, the days-to-cover ratio is presently 9.1 days. Approximately 7.5% of the shares of the company are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Door Asset Management LLC raised its position in shares of SmartRent by 41.6% in 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 buying an additional 1,299,283 shares in the last quarter. Vanguard Group Inc. increased its stake in SmartRent by 4.8% during the 3rd quarter. Vanguard Group Inc. now owns 19,143,749 shares of the company’s stock worth $49,965,000 after acquiring an additional 879,518 shares during the period. Long Pond Capital LP raised its holdings in SmartRent by 26.1% in the 1st quarter. Long Pond Capital LP now owns 3,995,946 shares of the company’s stock valued at $10,709,000 after acquiring an additional 826,136 shares in the last quarter. First Eagle Investment Management LLC lifted its position in shares of SmartRent by 67.2% during the 4th quarter. First Eagle Investment Management LLC now owns 1,003,680 shares of the company’s stock valued at $3,202,000 after acquiring an additional 403,449 shares during the period. Finally, ACK Asset Management LLC grew its holdings in shares of SmartRent by 3.0% during the 4th quarter. ACK Asset Management LLC now owns 6,080,400 shares of the company’s stock worth $19,396,000 after purchasing an additional 175,400 shares in the last quarter. Institutional investors and hedge funds own 59.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SMRT shares. DA Davidson restated a “buy” rating and issued a $3.25 price target on shares of SmartRent in a research note on Wednesday, May 15th. BTIG Research dropped their price objective on shares of SmartRent from $4.30 to $4.00 and set a “buy” rating on the stock in a research report on Monday, June 3rd. Finally, Keefe, Bruyette & Woods reduced their target price on shares of SmartRent from $4.50 to $4.00 and set an “outperform” rating for the company in a report on Wednesday, March 6th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $3.89.

SmartRent Stock Up 0.4 %

Shares of NYSE SMRT opened at $2.39 on Friday. The stock’s fifty day moving average price is $2.44 and its two-hundred day moving average price is $2.73. SmartRent has a one year low of $2.20 and a one year high of $4.12.

SmartRent (NYSE:SMRT) last announced its earnings results on Wednesday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). SmartRent had a negative net margin of 13.08% and a negative return on equity of 7.28%. The company had revenue of $50.49 million during the quarter, compared to analysts’ expectations of $51.43 million. Equities research analysts expect that SmartRent will post -0.06 EPS for the current year.

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.