Colliers Securities Downgrades SmartRent (NYSE:SMRT) to Neutral

Colliers Securities downgraded shares of SmartRent (NYSE:SMRT) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, Marketbeat.com reports.

Other research analysts have also recently issued reports about the company. BTIG Research lowered their target price on SmartRent from $4.30 to $4.00 and set a buy rating for the company in a research note on Monday, June 3rd. DA Davidson downgraded SmartRent from a buy rating to a neutral rating and lowered their price objective for the stock from $3.25 to $2.00 in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $3.64.

SmartRent Price Performance

Shares of NYSE:SMRT opened at $1.71 on Wednesday. The firm has a market capitalization of $345.13 million, a PE ratio of -11.37 and a beta of 1.98. SmartRent has a 1 year low of $1.65 and a 1 year high of $3.88. The firm’s 50-day moving average is $2.34 and its two-hundred day moving average is $2.59.

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

Institutional Investors Weigh In On SmartRent

Several hedge funds and other institutional investors have recently made changes to their positions in SMRT. Vanguard Group Inc. increased its stake in SmartRent by 1.9% in the first quarter. Vanguard Group Inc. now owns 20,244,087 shares of the company’s stock valued at $54,254,000 after purchasing an additional 386,845 shares during the last quarter. ACK Asset Management LLC lifted its position in SmartRent by 3.0% in the fourth quarter. ACK Asset Management LLC now owns 6,080,400 shares of the company’s stock valued at $19,396,000 after acquiring an additional 175,400 shares during the last quarter. Blue Door Asset Management LLC lifted its position in 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 acquiring an additional 1,299,283 shares during the last quarter. Long Pond Capital LP boosted its stake in SmartRent by 26.1% in the first 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. Finally, First Eagle Investment Management LLC grew its holdings in shares of SmartRent by 38.5% during the first quarter. First Eagle Investment Management LLC now owns 1,389,680 shares of the company’s stock worth $3,724,000 after purchasing an additional 386,000 shares during the last quarter. Institutional investors and hedge funds own 59.42% of the company’s stock.

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.