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

SmartRent, Inc. (NYSE:SMRT) has been assigned an average recommendation of “Hold” from the six ratings firms that are presently covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation. The average 1 year price target among brokerages that have covered the stock in the last year is $2.64.

SMRT has been the topic of several research analyst reports. Keefe, Bruyette & Woods downgraded SmartRent from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $3.50 to $2.00 in a research note on Thursday, August 8th. DA Davidson downgraded SmartRent from a “buy” rating to a “neutral” rating and dropped their price target for the company from $3.25 to $2.00 in a research note on Wednesday, July 31st. Cantor Fitzgerald downgraded SmartRent from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $4.00 to $2.00 in a research note on Thursday, August 8th. BTIG Research downgraded SmartRent from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Finally, Colliers Securities downgraded SmartRent from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 31st.

SmartRent Price Performance

Shares of SMRT stock opened at $1.74 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 $1.86 and its 200 day moving average price is $2.28. The company has a market cap of $351.18 million, a price-to-earnings ratio of -11.60 and a beta of 1.97.

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

Insider Transactions at SmartRent

In related news, CMO Robyn Young bought 14,793 shares of the 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 purchase, the chief marketing officer now directly owns 52,305 shares of the company’s stock, valued at $88,918.50. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other SmartRent news, Director Frank Martell purchased 75,000 shares of SmartRent stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average price of $1.63 per share, with a total value of $122,250.00. Following the acquisition, the director now owns 150,000 shares of the company’s stock, valued at approximately $244,500. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Robyn Young purchased 14,793 shares of SmartRent stock in a transaction that occurred 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 acquisition, the chief marketing officer now directly owns 52,305 shares in the company, valued at approximately $88,918.50. The disclosure for this purchase can be found here. Company insiders own 9.00% of the company’s stock.

Hedge Funds Weigh In On SmartRent

Large investors have recently bought and sold shares of the business. Long Pond Capital LP raised its holdings in shares of SmartRent by 133.1% during the second quarter. Long Pond Capital LP now owns 9,316,093 shares of the company’s stock valued at $22,265,000 after acquiring an additional 5,320,147 shares during the last quarter. Land & Buildings Investment Management LLC raised its holdings in shares of SmartRent by 82.0% during the second quarter. Land & Buildings Investment Management LLC now owns 5,658,366 shares of the company’s stock valued at $13,523,000 after acquiring an additional 2,549,856 shares during the last quarter. Blue Door Asset Management LLC raised its holdings in shares of SmartRent by 41.6% during 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. Dimensional Fund Advisors LP raised its holdings in shares of SmartRent by 16.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,248,368 shares of the company’s stock valued at $7,763,000 after acquiring an additional 468,619 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 59.42% of the company’s stock.

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.