SmartRent (NYSE:SMRT) Posts Earnings Results, Misses Expectations By $0.04 EPS

SmartRent (NYSE:SMRT) posted its quarterly earnings results on Wednesday. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.04), Briefing.com reports. The firm had revenue of $35.37 million during the quarter, compared to the consensus estimate of $37.78 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. SmartRent’s revenue was down 41.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) EPS.

SmartRent Price Performance

SmartRent stock opened at $1.27 on Friday. The firm has a market capitalization of $243.60 million, a price-to-earnings ratio of -9.73 and a beta of 1.92. The company’s 50 day simple moving average is $1.51 and its 200 day simple moving average is $1.63. SmartRent has a fifty-two week low of $1.09 and a fifty-two week high of $2.98.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods dropped their target price on shares of SmartRent from $2.00 to $1.60 and set a “market perform” rating for the company in a research report on Thursday. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.40.

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.