SmartRent, Inc. (NYSE:SMRT) Receives Consensus Recommendation of “Hold” from Brokerages

SmartRent, Inc. (NYSE:SMRT) has earned a consensus recommendation of “Hold” from the six ratings firms that are covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a hold recommendation. The average twelve-month price objective among brokerages that have covered the stock in the last year is $2.64.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On SmartRent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMRT. Algert Global LLC purchased a new stake in shares of SmartRent in the second quarter valued at $42,000. Clearline Capital LP purchased a new stake in SmartRent in the second quarter worth $603,000. Long Pond Capital LP increased its stake in SmartRent by 133.1% in the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock worth $22,265,000 after purchasing an additional 5,320,147 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of SmartRent by 12.5% during the second quarter. The Manufacturers Life Insurance Company now owns 76,918 shares of the company’s stock worth $184,000 after purchasing an additional 8,532 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in SmartRent by 84.6% in the 2nd quarter. AQR Capital Management LLC now owns 172,453 shares of the company’s stock worth $412,000 after buying an additional 79,048 shares during the period. 59.42% of the stock is owned by institutional investors.

SmartRent Price Performance

NYSE:SMRT opened at $1.73 on Thursday. SmartRent has a 1 year low of $1.35 and a 1 year high of $3.47. The stock’s fifty day moving average price is $1.82 and its two-hundred day moving average price is $2.25. The company has a market cap of $348.15 million, a P/E ratio of -11.50 and a beta of 1.97.

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