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

SmartRent, Inc. (NYSE:SMRT) has received a consensus recommendation of “Hold” from the six analysts that are covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $2.64.

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

SmartRent Stock Performance

Shares of SmartRent stock opened at $1.74 on Thursday. The stock has a market cap of $351.18 million, a price-to-earnings ratio of -11.60 and a beta of 1.97. The stock has a 50 day moving average price of $1.86 and a 200-day moving average price of $2.28. SmartRent has a one year low of $1.35 and a one year high of $3.47.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Algert Global LLC bought a new position in shares of SmartRent in the 2nd quarter worth $42,000. Victory Capital Management Inc. raised its position in shares of SmartRent by 30.7% in the 4th quarter. Victory Capital Management Inc. now owns 22,428 shares of the company’s stock worth $72,000 after acquiring an additional 5,264 shares in the last quarter. Virtu Financial LLC bought a new position in shares of SmartRent in the 1st quarter worth $84,000. Price T Rowe Associates Inc. MD raised its position in shares of SmartRent by 18.2% in the 1st 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 in the last quarter. Finally, Legacy Capital Group California Inc. raised its position in shares of SmartRent by 104.3% in the 2nd quarter. Legacy Capital Group California Inc. now owns 70,750 shares of the company’s stock worth $169,000 after acquiring an additional 36,123 shares in the last quarter. 59.42% of the stock is 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.