Keefe, Bruyette & Woods Lowers SmartRent (NYSE:SMRT) Price Target to $1.60

SmartRent (NYSE:SMRT) had its price objective cut by analysts at Keefe, Bruyette & Woods from $2.00 to $1.60 in a research report issued on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 29.55% from the company’s previous close.

SmartRent Trading Down 2.0 %

Shares of SMRT stock opened at $1.24 on Thursday. The company’s 50-day moving average price is $1.51 and its 200-day moving average price is $1.63. The stock has a market cap of $237.82 million, a price-to-earnings ratio of -9.50 and a beta of 1.92. SmartRent has a twelve month low of $1.09 and a twelve month high of $2.98.

SmartRent (NYSE:SMRT) last announced its quarterly earnings results on Wednesday, March 5th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.04). The firm had revenue of $35.37 million for the quarter, compared to analyst estimates of $37.78 million. SmartRent had a negative net margin of 12.77% and a negative return on equity of 6.08%. The company’s revenue was down 41.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.02) EPS. As a group, equities research analysts predict that SmartRent will post -0.14 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Virtu Financial LLC acquired a new position in SmartRent in the third quarter valued at about $26,000. Dynamic Technology Lab Private Ltd acquired a new position in SmartRent in the fourth quarter valued at about $27,000. Wealth Enhancement Advisory Services LLC acquired a new position in SmartRent in the third quarter valued at about $30,000. Avior Wealth Management LLC acquired a new position in SmartRent in the fourth quarter valued at about $31,000. Finally, Cibc World Markets Corp acquired a new position in SmartRent in the fourth quarter valued at about $31,000. 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.